ilumoni is an AI fintech startup that aims to help people borrow better, save on unnecessary interest payments, and repay debts faster.
Raised £340K pre-seed investment
The UK startup has raised $450K (approx £340K) pre-seed investment from 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.
How will the funding be used?
The company is planning to use the funding to focus on product development and is preparing for a second fundraise to take the product to market launch and beyond.
Notably, the beta product is due for release later this quarter and early adopters can register at ilumoni.com.
ilumoni – AI-powered borrowing insights app
Founded in 2019, ilumoni uses open banking and credit data combined with market information to build a fast, accurate, and realistic picture of the user’s debt.
The 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.
“Many consumers borrow without fully understanding their options or implications of their borrowing. 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,” explained Gary Wigglesworth, co-founder, and CEO, ilumoni who has a track record in banking firsts, including his role at internet bank Egg as one of the founding directors.
Help people make better financial decisions
In fact, ilumoni’s approach caught the attention of the Financial Conduct Authority (FCA) which accepted the startup into its Innovation Hub last year.
The company aims to enable people to make better financial decisions, arming them with insights, analysis of the alternative options, and guidance to borrow well.
Commenting on the investment, Andy Deller, former CEO, Dunbar Bank 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 well-being of the user. ilumoni demystifies debt and provides borrowers with clear and actionable insights that specifically suit their circumstances, helping consumers understand and manage their debt for the better.”
About founders
ilumoni was founded by Gary Wigglesworth and Jonathan Corner, who has worked in leadership roles for the likes of first direct, HSBC, and Egg. The co-founders and ilumoni management team have decades of experience spanning financial services, data science, technology, regulation, and risk.