TotallyMoney, the UK fintech offering credit solutions, has raised £5 million growth funding from Silicon Valley Bank (SVB). The London-based company wants to make financial and credit management accessible through its platform. It has acquired over 2.5 million customers since 2017 when it launched its free credit report, now the highest rated on Trustpilot. “We’re on a mission to improve the UK’s credit score and help people move on up to a better future,” said CEO Alastair Douglas. Craig Fox of SVB said, “We’re really excited to be supporting TotallyMoney in its mission to help consumers better understand and improve their credit profile. By leveraging its data-driven platform, TotallyMoney is able to improve transparency and generate more choice for the consumer.” The latest funds from SVB bolster last December’s £29 million fundraising round, and will go toward customer acquisition, recruitment, and product development.
Commenting on the recent investments, Douglas said: “Our rapid growth and success since launching our free credit report shows that there’s a significant demand for services like TotallyMoney’s, and this funding — along with the significant investment from SEP and Elliott — will allow us to offer it to even more people. Everyone at TotallyMoney has done an excellent job in getting us where we are today, and we’re excited about the new opportunities this funding will bring to us and our customers.”