UK-based ilumoni secures £1.2 million in seed funding round

By Megha Bhattacharya

UK-based ilumoni has secured £1.2 million in an over-subscribed seed funding round after successfully launching in Beta earlier this year. The purpose-led, AI-driven fintech had previously raised £455,000 in pre-seed funding, which saw the initial build of the first version of the app. The app went on to receive full FCA authorisation in January of 2021 and has already attracted its first beta users. The new funding will take the product to market with a general App and Play Store release planned for later in the year. The company has also appointed two Non-Executive Directors to its board, new investor James Eden and existing investor Simon Moran.

Ilumoni CEO, Gary Wigglesworth, added, “We’re thrilled to have such a ringing endorsement of ilumoni with an over-subscribed funding round. There is a huge opportunity to help people to borrow well and it’s more important now than ever.”

ilumoni delivers personal insights into how users borrow and repay, with full visibility of what they owe, including how long it will take to repay and how much their borrowing will cost in interest. This is combined with prompts and future scenarios that users can interact with to find repayment amounts or alternative products that cost less in interest, help pay balances sooner, or free up cash.

Wigglesworth went on to say, “Many borrowers need to manage their debt better, yet there is very little help available until they’re faced with formal debt management, such as IVAs. As with anything, prevention is better than cure, and we believe in better borrowing for everyone. ilumoni provides a tool that not only demystifies borrowing but provides practical ways to relieve the stress of debt and reduce how much it costs. We can’t wait to show people how, very often, small changes can make a big difference, and encourage them to borrow well.”