Tech

Ilumoni will run on iOS and Android after an investment of £ 1.63 million

The borrower’s welfare app, ilumoni, has been officially released and is now available for download on Android and iOS devices.

The app has been invested £ 1.63 million since its launch and received FCA approval earlier this year, but has successfully completed beta testing and is now available in a wider market.

A free, AI-powered app helps users understand and manage their borrowings in four easy steps. Asks users to prioritize what they owe, including credit reports, credit cards, personal loans, mortgages, financial information from bank accounts, along with additional information such as interest costs and payment terms. Allows you to check.

UK Startup previously raised £ 340,000 in pre-seed investment from Move Ventures, and angel investors include former CMO and now part-time director Premium Credit and former CEO of Dunbar Bankplc, part of Zurich, Andy Deller. It contains. Insurance group.

The successful second investment raised an additional £ 1.2m and attracted more than 25 additional Angel investors to the project in an oversubscribed seed round.
This investment helped support product development, marketing, testing, and further expansion, increasing the size of the workforce by 40%. This activity supports the availability of ilumoni on the open market.

The ilumoni team is passionate about helping people make more confident and informed decisions about borrowing. The team recently commissioned a detailed OnePoll survey to produce a comprehensive borrowing report that reveals a series of spectacular insights into consumer financial confidence, capacity and stress.

For example, 3 in 5 borrowers (58%) are dissatisfied with how borrowing is managed, and 9 out of 10 UK borrowers cannot calculate the total interest paid on a three-year loan. , Clearly there is more need. It is done to give borrowers the power to better understand their borrowing.

In addition, people are exposed to high levels of stress as a result of their financial condition, with more than one in four British people reportedly losing sleep on regular borrowings and 29% stressed and depressed. I’m depressed or worried about borrowing. More than a few times a month.

With the launch of ilumoni, users have been able to identify ways to improve borrowing. The app demonstrates the benefits of changing repayment and alternative borrowing options based on the amount of money users can purchase and the products they are eligible for. The insights provided by the app encourage users to get going to reach their goals. This not only improves your financial position in the long run, but also reduces stress and anxiety.

The founders of ilumoni, Gary Wigglesworth and Jonathan Corner, strongly believe in empowering borrowers to empower their borrowers with complete financial confidence and capacity, thereby reducing financial stress. This is made possible by the newly released app.

CEO Gary Wigglesworth said: According to our survey, more than half of UK borrowers are nervous about talking to financial service providers about borrowing, and 58% prefer to use the app to chat on such topics. increase.

“The top priority of our priority list is to provide people with the tools and insights they need to make confident and informed decisions about borrowing.

ilumoni is independent of any lender, paying more interest and helping millions of people across the UK who are in debt longer than necessary to better borrow through smart solutions I am aiming to do it. The app can be downloaded from both the iOS App Store and Google Play.

Ilumoni will run on iOS and Android after an investment of £ 1.63 million

Source link Ilumoni will run on iOS and Android after an investment of £ 1.63 million

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