TotallyMoney Receives Backing of Scottish Equity Partners
Scottish Equity Partners and Elliott Advisers have reached an agreement that will see TotallyMoney receive £29 million in funding.
The investment, which is subject to FCA approval, will be used to accelerate customer acquisition, provide better credit for UK consumers and build on its existing, market-leading platform.
Over the past 20 years, SEP has supported more than 160 technology companies, providing investment alongside expertise and access to a global network. As the largest shareholder at Skyscanner, SEP played an integral role in the 2016 sale of the Edinburgh-based tech unicorn to the Chinese firm, Ctrip.
TotallyMoney has acquired more than one million new customers since launching its Free Credit Report (FCR) in 2017 and the announcement marks the end of a significant year for the firm.
The London-based company won the award for Best Free Credit Report Provider in the 2018 Moneynet Personal Finance Awards.
Commenting on the funding announcement, TotallyMoney CEO Alistair Douglas said: “Our success over the past 12 months has proven that we have a winning model.
“We were delighted to reach one 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.”
High Growth Potential
Alongside its FCR, TotallyMoney’s Borrowing Power algorithm uses information from a customer’s live credit position, together with real-time market-wide lending data. This shows customers how likely they are to be accepted for credit without impacting their credit rating.
David Sneddon, partner at SEP, commented: “Our continuing support of TotallyMoney reflects our belief in the high growth potential of its data-driven approach. Its technology-led products are creating a 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 Advisers said: “Credit intermediation is evolving rapidly and TotallyMoney is driving this change with is 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.”