Borrower wellbeing app, ilumoni has officially launched and is now available to download on Android and iOS devices.
The app, which has received GBP1.63 million in investment since inception and gained FCA authorisation earlier this year, has successfully completed its Beta testing and is now available to the wider market.
The free to use, AI-driven app helps its users to understand and manage their borrowing in four simple steps. It asks users to set their priorities and brings together financial information from credit reports, credit cards, personal loans, mortgages, and bank accounts to give users visibility of what they owe, along with additional information on things such as interest costs and payment timeframes.
The UK Startup had previously raised GBP340 thousand pre-seed investment from Move Ventures, and angel investors including Simon Moran, former CMO, and now Non-Executive Director, Premium Credit, and Andy Deller, former CEO of Dunbar Bank plc, part of Zurich Insurance Group.
In a successful second bout of investment, the app went on to raise a further GBP1.2 million in what was an oversubscribed seeding round, attracting over 25 additional Angel investors to the project.
The investment has aided in supporting product development, marketing, trials and further expansion, leading to a 40 per cent increase in size of workforce. This activity has supported ilumoni in now being able to launch on the open market.
The ilumoni team is passionate about people being able to make confident and better-informed decisions when it comes to borrowing. The team recently commissioned an in-depth OnePoll survey, producing an overarching borrowing report which reveals a series of eye-opening insights into consumers’ financial confidence, capability and stress.
For instance, with three in five (58 per cent) of borrowers not happy with how they manage their borrowing, and nine out of 10 UK borrowers unable to work out the total interest payable on a three-year loan, it’s clear that more needs to be done to give borrowers the power to better understand their borrowing.
Moreover, people are subjected to high levels of stress as a result of their financial position, with the report revealing that over one in four Brits regularly lose sleep over their borrowing and 29 per cent feel stressed, down, depressed or anxious about their borrowing a few times a month or more.
The launch of ilumoni means that users can now identify how they can improve their borrowing. The app shows them the benefits of making changes to repayments as well as alternative borrowing options, all based on what the user can afford and the products they are eligible for. The insight the app provides encourages users to stay on track to reach their goals, which in the long term not only improves their financial situation but could also alleviate stress and anxiety.
Gary Wigglesworth and Jonathan Corner, founders of ilumoni, are strong believers in giving borrowers the power to have full financial confidence and competence, in turn reducing finance-related stress, something which the newly launched app enables.
Gary Wigglesworth, CEO, says: “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 per cent 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.”
ilumoni is independent from any lenders and aims to help the millions of people across the UK that pay more in interest and carry debt for longer than necessary to borrow better through its smart solutions. The app can be downloaded on both the iOS App Store and Google Play.