UK-based FinTech TotallyMoney has raised £29m in a funding round joined by Elliott Advisors and previous backers Scottish Equity Partners.
The credit broker provides free credit reports and live credit scores to help customers make smarter financial decisions. TotallyMoney’s “borrowing power” algorithm shows how likely customers are to be offered credit by lenders.
Since launching its reports in late 2017, TotallyMoney has secured more than one million new customers. Earlier this year, the company partnered with online mortgage broker Trussle.
TotallyMoney has planned to use the funding to accelerate customer acquisition and build out its technology platform.
SEP partner David Sneddon,“Our continuing support of TotallyMoney reflects our belief in the high growth potential of its data driven approach.
“Its technology led products are creating strong competitive advantage, and this investment will ensure that the company remains at the forefront of a fairer credit market for consumers.”
SEP closed its latest technology-focused fund at £260m, back in November 2016.
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