UK-based credit report provider TotallyMoney has received £29m in new funding from Elliott Advisors (UK) and existing investors Scottish Equity Partners (SEP).
The new investment is subject to Financial Conduct Authority (FCA) approval.
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TotallyMoney intends to use the fund to develop its technology platform as it aims to scale up its customer acquisition.
Commenting on the investment, TotallyMoney CCO Tom Platt said: “This investment gives us a unique opportunity to have a larger impact, reach more customers and deliver more value for both our customers and our partners – generating more choice, transparency and efficiency across the industry.
“As we continue to help customers truly understand their credit profiles, exciting new opportunities will emerge for how we work with lenders to improve customer outcomes. We look forward to scaling hard in 2019 and beyond.”
What does credit fintech TotallyMoney do?
TotallyMoney assists its customers to take better borrowing decisions by offering credit reports.
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By GlobalDataThe firm is said to have acquired more than one million new customers since the introduction of its Free Credit Report (FCR) services last year.
Additionally, it enables the customers to assess the likelihood to receive credit without affecting their credit rating by utilising its Borrowing Power algorithm.
The algorithm is designed to use customer’s real time credit position and market-wide lending data to determine credit profile.
TotallyMoney CEO Alastair Douglas said: “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.”
