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Posted on October 30, 2019 by staff

Credit report platform secures £5m from Silicon Valley Bank

Credit report platform secures £5m from Silicon Valley Bank

TotallyMoney management team
TotallyMoney management team

Credit card comparison site TotallyMoney has announced £5m in new growth funding from Silicon Valley Bank.

The new funding follows a £29m investment from Scottish Equity Partners (SEP) and Elliott Advisors (UK) Limited (Elliott), announced at the end of last year.

The new cash will be used to bolster the firm’s acquisition, recruitment, and technology platform.

Founded in 2006, the firm reports it has acquired over 2.5 million customers since launching its free credit report in late 2017.

TotallyMoney CEO Alastair Douglas said: “Our rapid growth and success since launching our free credit report shows that there’s a significant demand for services like TotallyMoney’s, and this funding — along with the significant investment from SEP and Elliott — will allow us to offer it to even more people.

“Everyone at TotallyMoney has done an excellent job in getting us where we are today, and we’re excited about the new opportunities this funding will bring to us and our customers.

“We’re on a mission to improve the UK’s credit score and help people move on up to a better future, and being able to accelerate our offering and develop our platform will be instrumental in achieving this.”

Craig Fox, Director of FinTech at Silicon Valley Bank, added: “Silicon Valley Bank is a key partner to the FinTech industry and wider innovation economy in the UK and across Europe.”

“We’re really excited to be supporting TotallyMoney in its mission to help consumers better understand and improve their credit profile. By leveraging its data-driven platform, TotallyMoney is able to improve transparency and generate more choice for the consumer.”