Incuto, which aims to provide everyone with access to affordable finance, has closed a £1.75m funding round.
The capital was supplied by NPIF – Mercia Equity Finance, Future Fund, Ascension Ventures and Northstar Ventures.
Funds from the round will be used to aid the roll out of its platform to more UK credit unions, as well as prepare for international expansion. The equity has also enabled the FinTech to hire ten additional staff members, bringing its total team size to 30.
This investments comes after demand for its platform has increased due to the pandemic, it said.
Incuto, which stylises itself as a “FinTech for good”, is a hosted banking technology platform, helping to transform community-based banks and lenders. Its end-to-end solution delivers solutions improve the customer journey, banking and payments, financial education and back office automation.
Its services are used by more than 40 credit unions and has over 500,000 registered users.
Incuto CEO Andrew Rabbitt said, “We’ve been extremely busy supporting our credit union partners during Covid-19. The lockdown not only escalated the need for credit unions to offer their members digital access, but also to communicate with them more regularly and effectively, something our technology also enables them to do.
“Credit unions have been at the forefront of supporting financially excluded and often vulnerable individuals and families over recent months, so we are delighted to offer them technology which not only better supports existing members in a digital world, but also enables them to promote their message of ethical, supportive banking to a wider audience.”
The FinTech has raised a total of £2.5m in funding since it was founded in 2016.
The company recently formed a partnership with ClearBank, providing credit unions with access to faster payments, direct debit processing and virtual accounts. It also signed a deal with the Post Office to allow members to withdraw cash from local branches.
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