TotallyMoney, a London, UK-based free credit report provider and credit expert company, raised £5m in funding.
Silicon Valley Bank provided the financing, which followed a £29m investment from Scottish Equity Partners (SEP) and Elliott Advisors (UK) Limited.
The company intends to use the funds to accelerate customer acquisition, recruitment, and develop its technology platform.
Led by CEO Alastair Douglas, TotallyMoney is using technology to provide a free credit report and live credit score, enabling customers to get why they got their score, what it means, and how to improve it and reduce the risk of being rejected for credit. It shows customers their chances of being accepted before they apply, allowing them to make informed financial decisions.
The company has over 2.5 million customers.