Covid-19 Impact on Banks, And fixes. The Black Swan Opportunity

Download Now

The Black Swan Opportunity |Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

IBS Journal: The iconic monthly FinTech magazine

April 2020 issue out now! Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

Youtility announces new funding led by ICAP founder Michael Spencer

London based Youtility, a provider of open-banking enabled home finance tech platform announced its closing of £4.5m funding round with investments from City entrepreneur, Michael Spencer and Barclays. The company is planning to use the funding to widen its product offerings, enhance its team and improve the company’s data and behavioural insight capabilities.

The funding round saw participation from Ascension Ventures Fair By Design Fund which invests solely in companies tackling the Poverty Premium, reducing costs for low-income households across the UK.

“Since our launch we’ve made big strides towards helping consumers move onto competitive tariffs but there are still millions of people at risk of spending too much on their home finances. This funding will allow us to significantly expand our services and ultimately help more people take back control of their home finances as we work to improve consumer engagement by transparently showing them the alternatives that meet their needs,” commented Will Kostoris and Charlie Quigley, Co-founders of Youtility.

“We are excited about the application of Youtility’s technology in the financial services sector and will be supporting the team as they develop products which have the potential to deliver significant value to customers,” said Ben Davey, CEO of Barclays Ventures.

Founded in 2018, Youtility’s mission is to utilise open banking technology, behavioural science and data analytics to help consumers switch suppliers targeting the vast majority of UK homes that are not currently changing suppliers. Its API and customisable SDK allows partners to provide their customers with full control over their home finances. Its platform can be integrated into their existing tech infrastructure and provides partners with comparison and switching service powered by ML and behavioural analytics.

Related Posts