Ilumoni, an AI-powered borrowing insights app, has netted $450,000 in its pre-seed round, which was backed by Move Ventures.
Several angel investors also joined the round, including former Premium Credit CMO Simon Moran and former Dunbar Bank CEO Andy Deller.
This pre-seed investment capital will be used to support the FinTech with its product development and its efforts getting regulatory approval.
Despite having just closed the round, the company has its sights on a second fundraise, which will support its full market launch.
Founded in 2019, ilumoni claims to be the US’s first AI-powered borrowing insights app, which uses open banking and credit data combined with market information to give a more accurate picture of a user’s debt. The free app offers personal insights to help users take action and make important changes to their borrowing, based on analysis, affordability and eligibility.
The key aim of ilumoni is to help people make better financial decisions by giving them better insights on their financial situation.
ilumoni co-founder and CEO Gary Wigglesworth said, “Many consumers borrow without fully understanding their options or implications of their borrowing.
“This is further compounded with poor repayment habits. As a result, large numbers of consumers are in the dark about the true cost of their borrowing, paying more in interest and fees than necessary and carrying debt for longer. ilumoni is changing that by shining a light on how we borrow.”
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