Credit provider TotallyMoney has raised £29 million in funding from prior backer Scottish Equity Partners (SEP) and Elliott Advisors.

The company says the investment, which is subject to FCA approval, will be used to further develop its data-driven platform and provide better credit for UK customers, and ramp up customer acquisition.

To date, TotallyMoney has swayed just north of 1 million new customers since the debut of its Free Credit Report (FCR) in late 2017.

TotallyMoney CPO Anna Kuriakose comments on the news:

“Our objective from the start was to better serve both consumers and credit issuers by creating a more balanced ecosystem. Customers don’t just want to see their data; they need to know why they have the credit profile they have and what they can do next. With our Free Credit Report, Borrowing Power algorithm and highly personalised matching system, we have created a product that serves this customer need.”

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