UK fintech startup TotallyMoney has agreed £29m of funding from Elliott Advisors (UK) and existing investors Scottish Equity Partners (SEP) to further scale its credit marketplace.
The investment, which is subject to approval from the UK Financial Conduct Authority (FCA), will be used by TotallyMoney to speed up its customer acquisition, build out new technology platform and provide better credit for UK consumers.
TotallyMoney CEO Alastair Douglas said: “Our success over the last 12 months has proven that we have a winning model. We were delighted to reach 1 million customers in such a short period of time and with this funding from two highly regarded investors we are now extremely well positioned to meet our strong growth ambitions.
“The team at TotallyMoney has done an excellent job in working towards our mission of making credit better by giving customers control of their data and helping them make smart borrowing decisions. With the new investment we will be able to further develop our technology and product offering in order to improve the financial position of even more customers”
Till now, TotallyMoney has acquired more than 1 million new customers since the launch of its Free Credit Report (FCR) last year.
Besides its FCR, TotallyMoney’s Borrowing Power algorithm uses information from the customer’s live credit position together with real-time market-wide lending data.
The company’s technology platform shows customers the likeliness of they being accepted for credit without impacting their credit rating.
SEP partner David Sneddon said: “Our continuing support of TotallyMoney reflects our belief in the high growth potential of its data driven approach. Its technology led products are creating strong competitive advantage, and this investment will ensure that the company remains at the forefront of a fairer credit market for consumers.”
In August, the firm partnered with online mortgage broker Trussle to provide customers with an easy way to get mortgage online. Trussle with integrate its mortgage broking service with TotallyMoney’s services and they can now offer customers a 360-degree view of their personal finance and what credit products could be available to them.
With the partnership, TotallyMoney customers can now see hassle-free mortgage process by accessing Trussle’s mortgage broking service to find the right deal.