TotallyMoney, a London, UK-based credit fintech provider, raised £29m in funding.
Backers included Elliott Advisors (UK) Limited and existing investors Scottish Equity Partners.
The investment, which is subject to FCA approval, will be used to accelerate customer acquisition, build out the technology platform and, provide credit for UK consumers.
Led by CEO Alastair Douglas and CPO Anna Kuriakose, TotallyMoney provides a Free Credit Report (FCR) used by more than 1 million new customers since launching its in late 2017 to make smart borrowing decisions.
Alongside its FCR, the company’s proprietary Borrowing Power algorithm uses information from the customer’s live credit position together with real-time market-wide lending data. The technology shows customers how likely they are to be accepted for credit without impacting their credit rating and sorts the best offers.