The purpose-led, AI-driven fintech had previously raised GBP 455,000 in pre-seed funding, which saw the initial build of the first version of the app. The app went on to receive full FCA authorisation in January 2021 and has already attracted its first beta users.
The free to use app helps people to understand and manage their borrowing better. ilumoni delivers rich, personal insights into how users borrow and repay, with full visibility of what they owe, including how long it will take to repay and how much their borrowing will cost in interest. This is combined with prompts and future scenarios that users can interact with to find repayment amounts or alternative products that cost less in interest, help pay balances sooner, or free up cash.
The latest round of investment was over-subscribed, despite two increases, and has attracted an additional 20 plus angel investors to the business. The new funding will take the product to market and beyond, with general App and Play Store release planned for later in 2021. Early adopters are able to become beta users of the app via the ilumoni website.
According to the FCA, over half of all UK adults pay interest on their borrowing, rising to almost 2/3 of working age adults, and recent statistics from StepChange show that 42% of people have experienced a negative change in circumstances since the pandemic. The same FCA study revealed that 59% (30.6 million) of adults are either overwhelmed by or overconfident in their financial numeracy; 45% of 18-24 year olds rate their financial knowledge as low, a rise from 1 in 3 in 2017, despite financial literacy being part of the curriculum since 2014.
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