incuto, a ‘FinTech for good’ that wants to digitise community banking and credit unions has raised £1.75mn.
In Brief:
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Investors included NPIF – Mercia Equity Finance, government’s Future Fund, Ascension Ventures’ Fair By Design Fund and the North East Innovation Fund.
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incuto currently has more than 500,000 registered users across 40 credit unions.
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Its hosted banking technology platform is aimed at “ethical lenders” to help them offer a fully online service for customers.
What does this mean?
incuto plans to use the funding to fulfil existing needs in the UK and prepare to expand internationally. It says that throughout Covid-19, the need for credit union finance has increased and it has been able to support its partners and cements its strong position in the UK.
