London-based credit experts TotallyMoney has secured £5 million (approx €5.8 million) growth funding from Silicon Valley Bank (SVB). Back in December 2018, the company raised a huge £29 million (approx €33 million) investment from Scottish Equity Partners (SEP) and Elliott Advisors (UK) Limited (Elliott).
This funding will be used to bolster the firm’s customer acquisition, recruitment, and develop its award-winning and market-leading technology platform.
TotallyMoney CEO Alastair Douglas says:
Our rapid growth and success since launching our free credit report show that there’s a significant demand for services like TotallyMoney’s, and this funding — along with the considerable investment from SEP and Elliott — will allow us to offer it to even more people.
Aims to transform the consumer credit market!
Founded by Jonathan Hassid, and Will Becker in 2006, TotallyMoney is on a mission to transform the consumer credit market. For the uninitiated, TotallyMoney is a Free Credit Report provider and Eligibility service, aiming to make the credit market fairer.
Borrowing Power algorithm!
The company ‘s proprietary Borrowing Power and Match Factor technologies offer customers the data they need to find the right financial products, make the right financial decisions, and build stronger credit histories.
TotallyMoney is a totally free service. Anyone above 18 and a resident of the UK can use it. Talking about the revenue model, the company receives a commission when a customer chooses to apply for a credit product. However, TotallyMoney gets a commission only if the customer has been successful in applying for credit.
Two and a half million customers!
TotallyMoney has acquired over two and a half million customers since the launch of their free credit report in late 2017. Notably, this platform is the highest rated free credit report provider on Trustpilot.
The London-based credit experts were also 2018 and 2019 winners of Best Free Credit Report Provider at Moneynet’s Personal Finance Awards, showing recognition from both its customers and as well as into the broader industry.
Work with TransUnion!
The credit report platform works with TransUnion, one of the three leading UK credit reference agencies, to provide you with your free credit report. Notably, TransUnion acts like a data library, pulling in information from lenders and public bodies.
Craig Fox, Director of FinTech at Silicon Valley Bank, added:
Silicon Valley Bank is a crucial partner to the FinTech industry and broader 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 choices for the consumer.
Main image credit: TotallyMoney
Stay tuned to Silicon Canals for more European technology news.