A fintech which uses the latest open banking technology to help users repay credit card debts more efficiently has raised $1m.
Incredible has raised $1m in a pre-seed round, with investors including former Plaid executive Keith Grose and active angel investor Mark Ransford.
Incredible, founded in 2022, leverages open banking tech and AI, saying it can help its users track, pay and cut the cost of their borrowing.
For example, if a user has multiple credit cards, Incredible will use open banking tech to analyse the user’s financial data, work out a user’s ideal monthly credit card repayment spend, then uses Variable Recurring Payments (VRPs)- a speedier version of direct debit powered by open banking- to make the user’s payments.
Founder Yaseen Rostom said: “There are still no tools to effectively manage the borrowing that we have across credit cards, personal loans, car finance etc.”
Incredible is aimed at time-poor millennials, who have poor financial management.
Competitors in this area include the likes of Updraft, debt consolidation firms, while the likes of ClearScore provide a user’s credit score.
Incredible, which is UK-based with a staff of four, has over 1,500 customers.
The app can be downloaded from the Google and Apple store.
Rostom says the fintech plans to move beyond credit cards, into managing personal loans and car finance.
Image: Cup of Couple
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