Ilumoni raises £1.2m in seed funding from angel investors to launch its app.
The oversubscribed financing round draws over 20 angel investors to support the upcoming commercial release of the application.
Ilumoni operates a borrower wellbeing application that helps users understand and manage their debts. The platform provides personal insights into borrowing habits and repayment timelines.
Ilumoni has secured £1.2m in a seed funding round from angel investors to scale its operations. The capital injection follows full FCA authorisation and the rollout of a beta version earlier in the year. The firm intends to use the funds to launch the application commercially across app stores later this year.
The oversubscribed round attracted more than 20 angel investors and follows an earlier pre-seed raise of £455k. Alongside the financing, the business has added James Eden and Simon Moran to its board as non-executive directors.
From the founder
"While there are many emerging tools that champion consumers’ financial degrees of freedom, there aren’t any that provide an independent view of borrowing and debt, despite the impact it can have on people’s financial and mental wellbeing. The purpose behind ilumoni, level of innovation and credentials of the team were more than enough to convince me this was an investment worth making. So much so that I am delighted also to be joining the board."
James Eden
Non-Executive Director at Ilumoni
Use of funds
- 01Accelerate go-to-market
