Intelligent Lending has acquired UK-based fintech TotallyMoney, a free finance app that harnesses Open Banking technology and credit reporting to provide personalised insights, plans and product recommendations to consumers.
The deal comes as Intelligent Lending strengthens its proposition in the UK as a platform for fair and affordable financial products and services, and ahead of the group’s international expansion plans.
TotallyMoney is focused on helping the UK’s 23 million underserved adults and, in July 2024, launched an affordability insights feature – its third Open Banking use case.
Following the acquisition, TotallyMoney will join Intelligent Lending’s businesses, Ocean and CredAbility, to create a “leading” financial services provider in the UK.
Ocean, which was established in 1991, provides a range of personal finance products, including credit cards, loans and motor finance, to millions of consumers across the UK.
CredAbility is an app that helps users understand and improve their credit scores and financial wellbeing through weekly updates and tailored guidance, and offers financial products from a panel of more than 60 lenders.
The strategic acquisition means the group will grow to 250 staff based in Manchester, London, Cyprus and Italy, with a customer base of more than seven million.
The financial details of the transaction have not been disclosed.
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, chief executive officer, TotallyMoney
Alastair Douglas, chief executive officer of TotallyMoney, said: “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 added that the other “forward-thinking” financial services businesses within the group have a focus on supporting the UK’s financially underserved adults.
“And 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 while 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.”
