back Back

ilumoni launches on iOS and Android after £1.63m investment

By Joy Dumasia

October 18, 2021

  • Android
  • Borrower
  • Digital Lending
Share

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.

Previous Article

October 18, 2021

3 core-banking softwares revolutionizing the banking industry in USA

Read More
Next Article

October 19, 2021

Westerra Credit Union partners with Backbase to transform members’ digital experience

Read More








IBSi Daily News Analysis

digital wallets

March 01, 2024

Android

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 01, 2024

AsiaVerify & Visa to bolster digital payments and banking in APAC

Read More

March 01, 2024

Saikyo Bank & nCino to boost operational efficiency and customer experience

Read More

March 01, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023