ilumoni launches on iOS and Android after £1.63m investment
By Joy Dumasia
ilumoni has officially launched and is now available to download on Android and iOS devices. The app has received £1.63 million in investment since inception and gained FCA authorisation earlier this year, has completed its Beta testing and is now available to the wider market.
The UK Startup had previously raised £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.
In a successful second bout of investment, the app raised a further £1.2 million in an oversubscribed seeding round, attracting over 25 additional Angel investors to the project. The investment has aided in supporting product development, marketing, trials and further expansion, leading to a 40% increase in workforce size. This activity has supported ilumoni in now being able to launch on the open market.
The launch of ilumoni means that users can now identify how they can improve their borrowing. The app shows them the benefits of making changes to repayments and alternative borrowing options, all based on what the user can afford and the products they are eligible for. The insight the app provides encourages users to stay on track to reach their goals, which in the long term not only improves their financial situation but could also alleviate stress and anxiety.
Gary Wigglesworth, the CEO, said, “ilumoni provides the impartial financial support that borrowers crave. Our research reveals over half of UK borrowers feel nervous talking to financial service providers about their borrowing, and 58% of people prefer using an app to chat about such topics. Top of our priority list is giving people the tools and insight they need to make confident, better-informed decisions when it comes to their borrowing.”
After successfully launching in Beta earlier this year, IBS Intelligence reported that UK-based ilumoni had secured £1.2 million in an oversubscribed seed funding round.
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