Lumio, a London-based fintech that aims to become a personal finance brain that grows your money on autopilot, has just announced a £1.1 million seed funding round of investment.
The investment came from angel investors including Matteo Berlucchi, William Frewen, Richard Fearn, Ben Lundie and 1,208 crowd investors. As per the company press release, the investments will be used to achieve its mission of growing the money of 1 million customers by 2024.
Charlie Richardson, founder & CEO of Lumio, said: “After a turbulent 12 months, it’s an incredible start to 2021 by smashing our fundraising target and most exciting of all, welcoming over twelve-hundred new crowdfunding investors to join some of the UK’s most successful angel investors, as Lumio investors. The funds will be used to achieve product market fit, accelerate the product intelligence & personalisation and scale Lumio internationally.”
Eyes to redefine personal finance management
Lumio was established in 2017 by Charlie Richardson, Adrian Shedden, and Tom Richardson to take personal finance management (PFM) to a new level with Personal Finance Optimisation.
Claims to be a Skyscanner for finance, it instantly helps you switch to the best savings and investment accounts in the marketplace. Lumio basically replaces financial advisers, (all your accounts in one place, providing a complete financial picture with personalised product, spending and educational guidance).
The company delivers all the convenience of the other PFM players – Emma, Yolt, and Money Dashboard. Besides, it takes things further by enabling customers to connect their entire financial lives, matches with the right product at the right time, and sets up automatic transfers to grow users’ money on autopilot.
The core focus of Lumio is to be 100% driven on how they can be the most efficient company in the industry in using data to grow customers’ money in the right product, at the right time. It emerged as an intelligent and independent app that acts solely in the customers’ best interest to fully optimise their money. It operates with the vision of a world in which everyone has the financial security and peace of mind to decide their future.
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