The award-winning and rapidly scaling FinTech TotallyMoney has just launched a brand-new next-generation energy switching platform.
Its unique energy profile works in the background to help customers make total sense of their financial essentials so they can move on up to a better financial future.
• Innovation follows £29 million investment funding in early 2019 from Elliott Advisors (UK) and Scottish Equity Partners (SEP)
• Energy switching addresses the £3.8 billion* being lost across the UK due to being on the wrong energy tariff
• TotallyMoney is rapidly scaling, having acquired nearly three million customers in two years
• Since launching its free credit report in 2017, the company has been awarded Best Credit Report provider three years in a row at the Moneynet awards and is the highest rated on TrustPilot
TotallyMoney, the rapidly scaling FinTech based in Old Street’s Silicon Roundabout, is changing the way its customers make financial decisions. And, they’ve just launched a brand-new energy switching service to make switching easier than ever, and help each of their three million customers save on average £260 a year.
Its award-winning platform assembles and interprets customers’ credit profile data and matches them to financial essentials that suit their credit profiles, so they can move on up to a better financial future.
Innovation, Innovation, Innovation
At the heart of the company’s success story sits the industry-leading free credit report, launched in 2017. In 2019, they released Credit Report Analysis, which takes six years of a customer’s credit data, interprets this information, and presents it to them in a concise, informative, and meaningful report.
TotallyMoney also uses its bespoke Match Factor algorithm, which marries big data with financial knowledge, while analysing changes to lender’s acceptance criteria and mass-market trends, to rank credit products based on their suitability for the customer. Over time, this feature paved the way for Best Match, a unique feature that tells the customer the card best suited to their personal financial profile. As a result, customers understand and leverage their credit position to avoid rejection, reduce costs of borrowing, and never jeopardise their eligibility for credit.
Following a £29m investment funding in early 2019, TotallyMoney has continued to expand its product — and has now launched its unique take on energy switching.
Chief Product Officer Anna Kuriakose comments on the new service:
“Energy switching is often treated as a purely purchase-oriented experience, which tries to rush customers through a hurried decision to switch energy. With TotallyMoney's energy profile, for the first time in the UK, consumers can explore how their energy tariff is benchmarked in their neighbourhood.
“Once their energy profile is live, customers get a constantly updated view of their projected savings as tariffs change and new ones are introduced.
“As a result, customers can make a considered decision to switch when it suits them best. We believe this gives customers true control over one of their biggest household bills.”
CEO Alastair Douglas comments on the significance of the launch for the scaling FinTech:
“The successful launch of our energy switching service signals that TotallyMoney’s growth is going strong. It’s exciting how quickly we’re growing following our investment, and our customers sit at the heart of that growth. We ensure that all branches of our business strategy are focused around the customer, by addressing the painful problems that our customers experience.
“At TotallyMoney, we’re on a mission to improve the UK’s credit score and help our customers move on up to a better financial future. Our bespoke energy switching profile shows customers their best energy deals in real time, so they can choose when’s best for them to make their money-saving switch.
“Our new service takes all the hard work out of finding and switching to a new energy tariff, so customers can easily save on one of their biggest monthly bills. For our customers, the launch gives them another unique way to move on up to a better financial future. For TotallyMoney, the recent news showcases our commitment to growth and innovation.”
There are 27 million households in the UK (ONS). Of these households, 51% are on an SVT, and 4.3 million of these are on a prepayment meter (Ofgem*).
The average difference between an SVT and a default tariff is £304, whilst the difference between an SVT and a prepayment meter is £167 (Ofgem†).
4,300,000 (prepayment)*£167 (prepayment saving)*51% (percent on default tariff) = £366,231,0004,300,000 (prepayment)*£167 (prepayment saving)*51% (percent on default tariff) = £366,231,000.
22,700,000 (households)*£304 (SVT-default tariff saving)*51% (percent on a default tariff) = £3,519,408,000.
Total = £3,885,639,000.