TotallyMoney raises additional £5 million
London-based fintech startup TotallyMoney has announced £5 million in new growth funding from Silicon Valley Bank.
The funds will provide the credit checking experts with the capital to accelerate customer acquisition, recruitment, and develop its award-winning and market-leading technology platform.
The latest funding follows a substantial £29 million investment from Scottish Equity Partners (SEP) and Elliott Advisors (UK) Limited (Elliott), announced in December 2018.
TotallyMoney said it is rapidly scaling, having acquired over 2.5 million customers since launching its free credit report in late 2017.
Investing in its future
A recent office move and expansion allows TotallyMoney to invest further in its award-winning free credit report and technology platform, the company said.
“Our rapid growth and success since launching our free credit report shows that there’s a significant demand for services like TotallyMoney’s, and this funding — along with the significant investment from SEP and Elliott — will allow us to offer it to even more people”, TotallyMoney CEO Alastair Douglas said.
“Everyone at TotallyMoney has done an excellent job in getting us where we are today, and we’re excited about the new opportunities this funding will bring to us and our customers.
“We’re on a mission to improve the UK’s credit score and help people move on up to a better future, and being able to accelerate our offering and develop our platform will be instrumental in achieving this.”
Craig Fox, Director of FinTech at Silicon Valley Bank, added: “Silicon Valley Bank is a key partner to the FinTech industry and wider innovation economy in the UK and across Europe.”
“We’re really excited to be supporting TotallyMoney in its mission to help consumers better understand and improve their credit profile.
“By leveraging its data-driven platform, TotallyMoney is able to improve transparency and generate more choice for the consumer.”