London-based fintech TotallyMoney has raised an additional £9 million in funding via existing US and UK-based investors. The startup provides a free credit score tool and personal finance app, primarily targeted at those that are just keeping their heads above water, financially speaking. The new funding will be used to continue product development, launch a digital and television advertising campaign, and grow the team size. To date, TotallyMoney has raised approximately £62 million.
Founded in 2006, the company has seen the consumer credit sector bloom, particularly in the past few years. To a large swath of society, a global pandemic has only heightened their worries about everyday finances including the skyrocketing cost of living. Driven by interest rate hikes, rising inflation, food that costs more, energy bills that are arguably downright inhumane, it’s enough for 61% of TotallyMoney’s customer base to report serious financial worries.
Pooling multiple data sources, TotallyMoney helps users not only comprehend, but track and improve their credit score. Working hand-in-hand with a number of lenders, TotallyMoney can ensure that customers are pre-qualified for, and matched to, the most appropriate loan.
“Our service provides our customers with the tools they need to understand their credit score and unlock more opportunities,” commented CEO Alastair Douglas. “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.”
TotallyMoney counts over four million customers, a number they expect to increase due to heightened consumer awareness of financial management practices.