Yorkshire-based AI app to transform borrowing
Posted on November 13, 2020 by Jonathan Symcox
AI FinTech start-up ilumoni has raised £340,000 to transform borrowing behaviours.
The Barnsley firm aims to help people repay debts faster and improve their financial wellbeing.
It uses open banking and credit data combined with market information to build a fast, accurate and realistic picture of the user’s debt.
The free app provides personal insights to help users take action and make important changes to their borrowing, based on analysis, affordability and eligibility.
The insights appear as nudges, prompts and future scenarios based on manageable behaviour changes.
The pre-seed investment included Move Ventures and angel investors including Simon Moran, former CMO and now Non Executive Director, Premium Credit and Andy Deller, former CEO of Dunbar Bank plc, part of Zurich Insurance Group.
Ilumoni’s approach to better borrowing and financial wellbeing has caught the attention of the Financial Conduct Authority which accepted the start–up into its Innovation Hub last year.
“Many consumers borrow without fully understanding their options or implications of their borrowing,” explained co-founder and CEO Gary Wigglesworth.
“This is further compounded with poor repayment habits. As a result, large numbers of consumers are in the dark about the true cost of their borrowing, paying more in interest and fees than necessary and carrying debt for longer.
“ilumoni is changing that by shining a light on how we borrow.”
Wigglesworth was a founding director at internet bank Egg and also co-founded digital identity security start–up Garlik in 2006, which was later acquired by Experian.
Commenting on the investment, Deller said: “There is a significant gap in the financial wellbeing app market. Current providers offer limited information without direction, or push products that don’t account for the overall wellbeing of the user.
“ilumoni demystifies debt and provide borrowers with clear and actionable insights that specifically suit their circumstances, helping consumers understand and manage their debt for the better.”
ilumoni is preparing for a second fundraise to take the product to market launch and beyond. The beta product is due for release later this quarter and ilumoni is inviting early adopters to register interest at ilumoni.com.