Youtility, an open banking and behavioural data analytics platform, has collected £4.5m in a funding round.
The investment was led by angel investor Michael Spencer and Barclays. Other backers included Ascension Ventures Ventures By Design Fund.
Capital from the round would be used to boost development of new products, making additional hires and enhancing its data and behavioural insight capabilities.
Founded in 2018, Youtility uses open banking technology, behavioural science and data analytics to help consumers switch suppliers. Its B2B platform enables banks to connect their customers with personalized home services contracts which are suited to their needs, offering customers enhanced control on their financial outgoings.
Its free app connects all of a user’s home finances, such as utilities, insurance, digital accounts and more, into a single place so they can track, compare and save directly.
In a joint-statement Youtility co-founders Will Kostoris and Charlie Quigley said, “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.
Copyright © 2020 FinTech Global
