TotallyMoney bags €5m in funding from Silicon Valley Bank

Free credit report platform TotallyMoney has bagged €5m in its growth funding round from Silicon Valley Bank.

The additional funds will help the company accelerate customer acquisition, recruitment, and further the development of its platform.

TottallyMoney is a UK-based platform which supplies consumers with a free credit report and analysis on what is affecting it and how to improve. Additionally, the platform offers consumers a marketplace to search for credit cards even if they have poor credit.

Comparison tools are also available for personal loans and mortgages to help consumers get the quickest access to funding.

TotallyMoney CEO Alastair Douglas says: “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.

“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.”

This investment comes a year after the FinTech bagged a £29m investment from Scottish Equity Partners and Elliott Advisors.

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