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Credit checking startup TotallyMoney agrees £29 million funding round

Credit checking startup TotallyMoney agrees £29 million funding round

TotallyMoney, a fintech startup providing consumer credit reports, has agreed £29 million of funding from Elliott Advisors (UK) Limited (Elliott) and existing investors Scottish Equity Partners (SEP).

TotallyMoney’s proprietary 'Borrowing Power' algorithm uses information from the customer’s live credit position together with real-time market-wide lending data to track eligibility for financial products.

The technology allows users to compare credit cards from the main UK lenders, check eligibility and how likely they are to be accepted without impacting their credit rating.

The firm says the investment, which is subject to FCA approval, will be used to accelerate customer acquisition and build out its technology platform.

TotallyMoney CEO Alastair Douglas says: “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.

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