FinTech Alliance company ilumoni, which aims to help people “borrow well” has raised $1.2mn seed funding.
In Brief:
This follows the business’ successful beta launch earlier this year.
Ilumoni uses AI to help people understand and manage their borrowing better.
The round adds to its existing £455,000 pre-seed funding.
What does this mean?
Ilumoni says it promotes wellbeing by offering insights into how people borrow and pay, even suggesting future scenarios or alternative products which could help people pay off balances sooner and avoid too much debt.
The seed round was oversubscribed and included over 20 angel investors.
