Ilumoni is a free-to-use fintech app that gives individuals a full overview of what they owe, how long full repayment will take, and total borrowing cost with interest factored in. The app includes interactive scenario tools to model alternative products, reduce interest, accelerate repayments, or free up cash. Founded in 2019 and based in Yorkshire, the startup targets gaps in consumer borrowing literacy and aims to improve financial and mental wellbeing. The company plans App Store and Google Play offerings later this year as it moves to market. Recent seed funding will be used to take the product to market and support those launch plans. The team positions the product as an accessible platform for younger adults entering the borrowing market and for consumers seeking an independent view of debt. ilumoni is an AI-powered borrowing insights app that combines open banking, credit data and market information to build a fast, accurate picture of a user’s debt and eligibility. The free app presents personalised nudges, prompts and future scenarios to help users change repayment behaviour and compare options such as fixed payments, one-off or regular overpayments, and switching uncompetitive products. The startup highlights the impact of different repayment strategies on fees and debt duration and aims to improve financial wellbeing by arming users with actionable analysis and guidance. Founded in 2019 and accepted into the UK Financial Conduct Authority’s Innovation Hub, ilumoni is using its recent funding to accelerate product development. The company plans a beta release later this quarter and is inviting early adopters to register, while preparing for a second fundraise to support market launch.

Total raised

$2M

Funding rounds

2

Latest round

Seed

Latest activity

May 2021