Credit Fintech provider TotallyMoney has agreed £29 million of funding from Elliott Advisors (UK) and existing investors Scottish Equity Partners (SEP). The investment, which is subject to FCA approval, will be used to accelerate customer acquisition, build out the market leading technology platform and, through continued innovation, provide better credit for UK consumers.

TotallyMoney has accelerated quickly, at a time of significant disruption within the UK consumer credit and financial intermediation space, acquiring more than 1 million new customers since launching its Free Credit Report (FCR) in late 2017.

Alongside its FCR, TotallyMoney’s proprietary Borrowing Power algorithm uses information from the customer’s live credit position together with real-time market-wide lending data. The technology shows customers how likely they are to be accepted for credit without impacting their credit rating and is why TotallyMoney was crowned Best Free Credit Report Provider in the 2018 Moneynet Personal Finance Awards.  

TotallyMoney CEO Alastair Douglas said “Our success over the last 12 months has proven that we have a winning model. We were delighted to reach 1 million customers in such a short period of time and with this funding from two highly regarded investors we are now extremely well positioned to meet our strong growth ambitions.”

“The team at TotallyMoney has done an excellent job in working towards our mission of making credit better by giving customers control of their data and helping them make smart borrowing decisions. With the new investment we will be able to further develop our technology and product offering in order to improve the financial position of even more customers”

David Sneddon, Partner at SEP said “Our continuing support of TotallyMoney reflects our belief in the high growth potential of its data driven approach.  Its technology led products are creating strong competitive advantage, and this investment will ensure that the company remains at the forefront of a fairer credit market for consumers.”

Richard Monahan of Elliott said “Credit intermediation is evolving rapidly and TotallyMoney is driving this change with its best-in-class technology platform and embedded position in the consumer finance ecosystem. We are thrilled to partner with SEP and the management team to significantly scale the business.”