Tue, 14 Jan 2025 | BUSINESS SALE
Fintech TotallyMoney has been bought by Manchester-based Intelligent Lending Group to help people manage the cost of living crisis.
London-based TotallyMoney, an open banking enabled, free credit report provider and personal finance app, helps over 5 million customers improve their financial wellbeing. It has over 60 employees.
According to its most recent results for the year ended 31 December 2022 it posted revenues of £20.7 million, up from £18.3 million the previous year. It posted a gross profit of £7.1 million, up from £5.6 million.
It will now sit alongside CredAbility and Ocean Finance in the Intelligent Lending Group stable. The deal means the group as a whole will grow to 250 staff based in Manchester, London, Cyprus, and Italy with seven million customers.
Simon Kay, Chair of Intelligent Lending said: "We've been super-impressed with the dedication of the team in developing cutting-edge technology that will complement the work we're doing at CredAbility and Ocean. TotallyMoney's mission is closely aligned with ours, and we look forward to helping even more people improve their financial wellbeing."
Alastair Douglas, CEO of TotallyMoney added: "Joining Intelligent Lending signals the start of an exciting new chapter for TotallyMoney, our staff, and our customers. Having met the team, it's clear that the culture and vision of Intelligent Lending fits very well with our own."
He said that the other "forward-thinking financial services businesses" within the group have a real focus on supporting the UK's 23 million financially under-served adults.
"Like us they put their customers first, and use technology and data to help people manage their money and improve their financial future," Douglas said. "This comes at an important time, because whilst inflation has fallen drastically from its October 2022 peak, things are more difficult than ever for millions of households across the UK. So, helping people build their credit scores and clear debt by putting them in control of their own financial data is a real priority."
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