UK credit provider TotallyMoney takes in £29m funding
London-based credit provider TotallyMoney has got £29 million of funding from Elliott Advisors and existing investor Scottish Equity Partners (SEP).
The investment, which is subject to Financial Conduct Authority (FCA) approval, will be used to build out its technology platform as it seeks more UK customers.
Alastair Douglas, TotallyMoney CEO, says: “Our success over the last 12 months has proven that we have a winning model. We were delighted to reach one 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.”
This model refers to its free credit report (FCR) launched last year.
Alongside this, TotallyMoney offers a proprietary borrowing power algorithm which uses information from a customer’s live credit position together with real-time market-wide lending data. The technology shows customers how likely they are to be accepted for credit without impacting their credit rating.
Back in August, TotallyMoney partnered with UK-based online mortgage broker Trussle.
Trussle’s mortgage broking service will be integrated by TotallyMoney to offer its customers a view of their personal finances and what credit products could be available to them.