A Manchester FinTech group has swooped to acquire London’s TotallyMoney, a credit score and personal finance app backed by £65m+ funding.
TotallyMoney, which last raised £9m in growth funding in 2021, focuses on ‘underserved’ people who are just about managing and find it hard to plan their finances.
It uses multiple data sources to help customers understand, track and improve their credit score, offering tailored solutions and making personalised recommendations.
The firm works closely with lenders to develop new features and ensure customers are pre-qualified and matched with the right product.
Intelligent Lending, based in Trafford Park, is the parent company of CredAbility and Ocean. The acquisition means the group will grow to 250 staff based in Manchester, London, Cyprus, and Italy, with a growing customer base of more than seven million.
Established in 1991, Ocean has become a household name for providing a range of personal finance products, including credit cards, loans and motor finance.
CredAbility is an app that helps users understand and improve their credit scores and financial wellbeing through weekly updates and tailored guidance. It also offers users a range of financial solutions that best suit their borrowing power from a panel of more than 60 lenders.
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The group said the acquisition comes ahead of the group’s international expansion plans, which will commence this year, with several countries having already been identified as growth opportunities.
“We’ve been super-impressed with the dedication of the team in developing cutting-edge technology that will complement the work we’re doing at CredAbility and Ocean,” said Simon Kay, chair of Intelligent Lending.
“TotallyMoney’s mission is closely aligned with ours, and we look forward to helping even more people improve their financial wellbeing.”
Financial details of the acquisition were not disclosed.
Alastair Douglas, TotallyMoney CEO, added: “Joining Intelligent Lending signals the start of an exciting new chapter for TotallyMoney, our staff, and our customers. Having met the team, it’s clear that the culture and vision of Intelligent Lending fits very well with our own.
“The other forward-thinking financial services businesses within the group have a real focus on supporting the UK’s 23 million financially under-served adults. And like us, they put their customers first, and use technology and data to help people manage their money and improve their financial future.
“This comes at an important time, because while inflation has fallen drastically from its October 2022 peak, things are more difficult than ever for millions of households across the UK. So, helping people build their credit scores and clear debt by putting them in control of their own financial data is a real priority.
“Our shared experience, insights, and expertise will provide great opportunities for collaboration and innovation, with our customers being the ultimate winners. We’re looking forward to kick-starting the next stage of growth for TotallyMoney, so we can make an even better and bigger positive impact on the lives of millions of financially under-served adults.”