Lumio raises £1.5m as it eyes one million users by 2024

Following its latest raise, the automated personal finance manager plans to use the cash to expand its products offerings and customer numbers

Automated personal finance manager Lumio has raised £1.5m in seed funding. The fintech raised the fresh cash from a number of angel investors including Matteo Berlucchi, CEO and founder of self-care app Healthily (formerly Your.MD), William Frewen, Richard Fearn and former Hargeaves Lansdowne investor Ben Lundie.

Lumio secured most of the cash in a crowdfunding campaign on Crowdcube, with nearly 1,300 crowd investors participating in the fundraising.

Following its latest raise, Lumio plans to use the cash to expand its products and grow its customer numbers, in the hopes of reaching one million users by 2024.

Charlie Richardson, founder and 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, Richardson said.

Founded by Charlie Richardson, Adrian Shedden, and Tom Richardson, Lumio gives customers a broad view of their finances by connecting all their accounts in one place and helps them to optimise their money.

Lumio helps customers to optimise their money, building their financial wellbeing and knowledge at the same time by using open banking-powered automatic transfers.

The fintech has already teamed up with some of the biggest names in fintech despite only being in its early stages.

In April 2020, Lumio joined forces with PensionBee to give its customers the option of adding a PensionBee pension to their Lumio account, moving one step closer to helping users get a complete view of their finances all in one app.