Ilumoni raises £340k in pre-seed funding from Move Ventures to develop its debt management application.
The pre-seed round was led by Move Ventures to support product development and regulatory approval.
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 £340k in pre-seed funding led by Move Ventures, with additional participation from angel investors Simon Moran and Andy Deller. The capital will be directed towards product development and regulatory approval as the firm prepares for a beta release and a subsequent funding round.
The Yorkshire-based startup offers an open banking application that aggregates credit data to generate repayment insights and identify more competitive financial products. The company recently achieved direct account information service provider authorisation from the Financial Conduct Authority.
From the founder
"Many consumers borrow without fully understanding their options or implications of their borrowing. This is further compounded with poor repayment habits. As a result, large numbers of consumers are in the dark about the true cost of their borrowing, paying more in interest and fees than necessary and carrying debt for longer. ilumoni is changing that by shining a light on how we borrow,"
Gary Wigglesworth
CEO at Ilumoni
Use of funds
- 01Continue product development
- 02Scale operations
