Ilumoni has officially launched its borrower wellbeing app on iOS and Android devices after previously securing £1.63m in investment since its founding.
Founded in 2019, Barnsley-based Ilumoni markets an app that helps its users understand and manage their borrowing by setting their financial priorities and bringing together financial information from credit reports, credit cards, personal loans, mortgages and bank accounts to provide visibility to users on what they owe.
According to Ilumoni, the launch of the app means users are now able to identify how they can improve their borrowing, with the app being able to show them the potential benefits of making changes to repayments as well as alternative borrowing options.
The company has raised £1.63m to date, raising £340k in a pre-seed investment round and £1.2m in a seed funding round. Ilumoni gained Financial Conduct Authority (FCA) authorisation earlier this year and has already completed its beta testing.
Ilumoni said the investment has enabled it to support product development, marketing, trials and further expansion and has led to a 40% increase in the size of its workforce.
The firm recently commissioned a survey by OnePoll into borrowing and found that 58% of borrowers were not happy with how they manage their borrowing, while 9 out of 10 UK borrowers were unable to work out the total interest payable on a three-year loan.
The survey also found that 1 in four UK citizens regularly lose sleep over their borrowing, with 29% claiming to feel stressed, down, depressed or anxious about their borrowing a few times of month or more.
Ilumoni CEO Gary Wigglesworth said, “Ilumoni provides the impartial financial support that borrowers crave. Our research reveals over half of UK borrowers feel nervous talking to financial service providers about their borrowing, and 58% of people prefer using an app to chat about such topics. Top of our priority list is giving people the tools and insight they need to make confident, better-informed decisions when it comes to their borrowing.”
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