TotallyMoney, the free credit score service and personal finance app, has raised £9m in funding from existing investors in the UK and US.
The business said it will use the funding to drive product development and support digital and TV advertising, as well as to build a team to launch future propositions – including harnessing open banking partnerships.
TotallyMoney uses multiple data sources to help customers understand, track and improve their credit score, offering tailored solutions and making personalised recommendations. It works closely with lenders to develop new features, and ensure customers are pre-qualified and matched with the right product.
The investment, TotallyMoney explained, comes at a time of significant growth in the consumer credit sector. In particular, TotallyMoney’s target consumers – those who are ‘just about managing’ – is also growing.
The company outlined that the pandemic increased financial vulnerability, which in turn highlighted the importance of financial management. Moreover, TotallyMoney added that, with credit card balances falling by 19% in 2020 as consumers repaid £16.6bn of credit, and the acceleration of digitisation following the pandemic, there is significant room for growth in the market.
Alastair Douglas, CEO of TotallyMoney said, “We believe that people’s financial data should work for them, not against them. Our service provides our customers with the tools they need to understand their credit score and unlock more opportunities. Central to that is addressing a credit market that is not fit for purpose, and there is huge potential if we can collaborate across the industry to get that right.”
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