TotallyMoney, a UK fintech startup providing consumer credit reports, has secured £5 million in debt funding from Silicon Valley Bank.
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 - used by more than 2.5 million people - 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 latest funding comes on the heels of a £29 million investment round late last year and will be used to accelerate customer acquisition and recruitment as well as platform development.
Alastair Douglas, CEO, TotallyMoney, says: "We’re on a mission to improve the UK’s credit score and help people move on up to a better future, and being able to accelerate our offering and develop our platform will be instrumental in achieving this."