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."
Find out more about M&A trends in the financial services sector
Exciting chance to acquire a well-established Independent Financial Adviser (IFA) business in Greater Manchester with significant funds under management and consistent ongoing charges.
This IFA firm in South Wales boasts a robust client base with 540 active households and an impressive £140m in funds under management.
South East based IFAs with approximately £150 million of funds under management are seeking a buyer, while intending to transition and remain with the acquiring firm.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.