Incuto secures £1.8m in seed follow-on funding led by Mercia to expand its credit union platform.
The funding round was led by Mercia with participation from the Future Fund, Ascension Ventures, and Northstar Ventures.
Incuto provides digital banking infrastructure designed specifically for credit unions and community banks. The platform helps financial cooperatives modernise their legacy technology and expand digital access for members.
Ilkley-based banking technology provider Incuto has secured £1.8m in a seed follow-on funding round led by Mercia. The raise also attracted participation from the government Future Fund, Ascension Ventures, and Northstar Ventures.
The capital will enable the company to deploy its digital platform to a broader network of British credit unions alongside preparations for international expansion. Demand for the technology has accelerated as pandemic restrictions forced community lenders to rapidly adopt digital operations.
Founded in 2016, the firm now serves over 40 credit unions with half a million registered users. This latest injection brings the total capital raised by the enterprise to more than £2.5m.
From the founder
"We’ve been extremely busy supporting our credit union partners during Covid-19. The lockdown not only escalated the need for credit unions to offer their members digital access, but also to communicate with them more regularly and effectively, something our technology also enables them to do. Credit unions have been at the forefront of supporting financially excluded and often vulnerable individuals and families over recent months, so we are delighted to offer them technology which not only better supports existing members in a digital world, but also enables them to promote their message of ethical, supportive banking to a wider audience."
Andrew Rabbitt
CEO at incuto
Investor perspective
"incuto provides a complete end-to-end solution for credit unions. The company has already established a strong presence in the UK and has potential for wider use in the UK and beyond. This funding will help it to meet growing demand at home and prepare for international expansion."
Tom Kitchen
Mercia
Use of funds
- 01Continue product development
- 02Expand into international markets
