By Aisling Finn on Friday 12 March 2021
Lumio raised the majority of the cash in a crowdfunding campaign on Crowdcube.
Automated personal finance manager Lumio has bagged £1.15m in seed funding.
The fintech, which was featured in AltFi’s 2020 Festival Of Finance Pitch Off, raised the fresh cash from a host of angel investors such as Matteo Berlucchi, CEO and founder of self-care app Healthily (formerly Your.MD), William Frewen, Richard Fearn and former Hargeaves Lansdowne investor Ben Lundie.
Following its latest raise, Lumio plans to use the cash to expand its products and grow its customer numbers, in the hopes of reaching one million users by 2024.
Charlie Richardson, founder and CEO of Lumio, said: “After a turbulent 12 months, it’s an incredible start to 2021 by smashing our fundraising target and most exciting of all, welcoming over twelve-hundred new crowdfunding investors to join some of the UK’s most successful angel investors, as Lumio investors.”
“The funds will be used to achieve product-market fit, accelerate the product intelligence & personalisation and scale Lumio internationally.”
Founded by Charlie Richardson, Adrian Shedden, and Tom Richardson, Lumio gives customers a broad view of their finances by connecting all their accounts in the one place and helps them to optimise their money.
Through using open banking-powered automatic transfers, Lumio helps customers to optimise their money, building their financial wellbeing and knowledge at the same time.
Despite only being in its early stages, Lumio has already teamed up with some of the biggest names in fintech.
In April 2020, the fintech joined forces with PensionBee to give its customers the option of adding a PensionBee pension to their Lumio account, taking one step closer to helping users get a complete view of their finances all in one app.
UPDATE 15-03-2021 - An earlier version of this article incorrectly stated that Lumio's raise was of £1.5m.