Incredible, the London-based FinTech startup, has recently secured $1m in pre-seed funding aimed at enhancing consumer credit management.
The investment round saw participation from notable figures in the FinTech industry, including serial investor Mark Ransford, and Atomico angels such as Joe Cross, formerly of Wise, and Russell Smith, formerly of Monzo. Other investors include Keith Grose, an A16z scout and former Plaid executive, as well as Steve O’Hear, a former TechCrunch journalist. Institutions like Techstars and Angel Invest Ventures also contributed to the funding.
Incredible’s mobile platform utilizes Open Banking and Artificial Intelligence to help consumers manage and automate their credit card debt repayments. By consolidating debts across multiple credit cards, the platform offers a more efficient repayment method, potentially lowering interest payments through features like Roundups and IncrediPay.
The funds from this round will be used to fully launch Incredible’s platform and mobile app, which promises to make credit management accessible to a broader audience. This includes expanding the range of credit products covered by the platform, from car finance and loans to buy-now-pay-later schemes and mortgages.
Incredible CEO and founder Yaseen Rostom expressed their vision for the company, stating, “Incredible aims to make managing credit cards and loans simple for everyone, not just for those with financial acumen. We’re committed to redefining how consumers engage with credit, converting what’s often seen as a burden into a manageable, even empowering, part of their financial lives.”
The company also mentioned its successful iOS and invite-only Beta launch in summer 2023, which has already helped thousands reduce their interest payments and manage over £2m in credit card debt.
Joe Cross, previously Global Head of Marketing & Comms at Wise, and now an angel investor in Incredible, remarked, “As someone who has been closely following the fintech space, it’s clear that the credit management sector has been woefully underserved. The Incredible team is building a transformative solution that consumers desperately need—combining intuitive design with cutting-edge technology to empower people to regain control of their financial lives.”
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