Company: TotallyMoney
Founders: Will Becker, Jonathan Hassid
Website: https://www.totallymoney.com/
About TotallyMoney
London-based fintech, TotallyMoney is on a mission to become the UK’s most-loved personal finance app for the under-served, offering personalised plans, product recommendations, and insights to help unlock a life of more choices.
Their 2022 whitepaper with PwC found that more than 20 million people in the UK were financially under-served — and unable to access mainstream financial products and services, largely as a result of having a thin file or adverse credit history. A figure which had grown by 50% in just six years.
It discovered that a key driver behind this accelerated shift was that while technology, ways of working, and lifestyles had all undergone considerable change, the financial services industry had failed to keep up — with the data it used, and the way it worked remained stagnant for 50 years.
TotallyMoney’s belief is that an industry which works for both banks and borrowers is possible — and it’s making it happen for more than five million customers and the 50 lending partners it collaborates with.
Having launched its free personal finance app in 2017, Totallymoney’s service now incorporates credit reports and open banking data, providing customers and lenders with more accurate information, insights and analysis into people’s financial situations, affordability and futures.
Core to their offering is putting customers in control of their own data, so it works for them, not against them. Personalised plans show customers what’s holding them back, and provide tips to help them get their finances on track. On average, one in four people with a thin file was made visible to the financial system within just six months of signing up, and 60% of customers with a poor credit score saw an increase in a year.
In response to the cost of living crisis which has caused millions of people to miss payments on key household bills, TotallyMoney launched an open banking-powered feature to help them better manage their money and avoid impacting their credit files. This has since helped 28% of those who were missing payments to stop.
The fintech is also tackling the 9 million failed credit applications last year, and regulation which means banks only need to give 51% of customers the advertised Representative APR by working with the UK’s leading lenders, and the launch of TotallySure. This industry-first initiative provides customers with pre-approval and guarantees APRs, credit limits, and offer durations, meaning they can protect their credit files, and apply with confidence in knowing that what they’ll see is what they’ll get.
Open banking-enabled API integrations have also meant lenders have more accurate information to base affordability decisions on, helping to reduce costs and unlock better borrowing options for more suitable applicants. Now, TotallyMoney customers who connect their bank account via open banking are more likely to see pre-approved offers, and with better rates.
TotallyMoney is a fintech that truly understands the needs of the people it serves, and who is actively using technology as a force for good and is both FCA registered, and top-rated by customers.
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