Coventry-based FinTech innovator Inicio AI has secured £2.6 million in seed funding to scale its AI-driven affordability evaluation platform, in a transfer that would reshape how organisations consider monetary wellbeing.
The funding follows the corporate’s latest victory at Birmingham Tech Week’s prestigious OneToWin pitch competitors.
The funding spherical consists of £500,000 from the West Midlands Co-Funding Fund (WMCO)—managed by Midven, a part of Future Planet Capital—in addition to funding from Rigby Group PLC (£500,000), Haatch Ventures (£300,000), and backing from Morgan Stanley, Angel Academe, Mint Ventures, and several other angel traders.
On the coronary heart of Inicio AI’s answer is “Budgie”, a conversational AI digital agent that guides shoppers by a web based affordability evaluation. The method is designed to be each intuitive and accessible, serving to organisations achieve a clearer, data-rich understanding of their prospects’ monetary conditions—notably for these in weak or financially difficult circumstances.
By changing guide affordability checks with AI-powered dialogue, Budgie has demonstrated a 60% improve in cost quantities and a 50% discount in each shopper and agent time, delivering measurable advantages for each lenders and prospects.
Past affordability insights, Budgie may also determine if customers are lacking out on important monetary assist or unclaimed advantages. In keeping with latest figures, £22.7 billion in advantages go unclaimed yearly within the UK. Inicio AI’s instrument has already uncovered hundreds of thousands of kilos in untapped assist for indebted people.
The brand new funding will assist a number of key progress initiatives, together with the launch of the UK’s first FCA-regulated shopper affordability passporting service, enabling people to securely share their affordability knowledge throughout service suppliers. The corporate additionally plans to develop its West Midlands headquarters, investing in new hires throughout know-how and knowledge disciplines.
Rachel Curtis, CEO of Inicio AI, commented: “This investment, coupled with our success in the OneToWin competition, marks a significant milestone in our mission to revolutionise affordability assessments. With this funding, we can expand our team, enhance our technology, and bring our innovative solutions to a wider market. It’s hugely rewarding to be able to improve the financial well-being of individuals whilst also increasing efficiency for creditors.”
The WMCO is backed by the West Midlands Mixed Authority (WMCA) and the West Midlands Pension Fund, and goals to catalyse high-growth potential SMEs that may drive regional financial influence.
Richard Parker, Mayor of the West Midlands and Chair of the WMCA, praised the transfer: “Inicio is a great example of a West Midlands business that, with the right support, has been able to get established and launch an innovative product that can make a real difference to people’s lives. By investing in homegrown talent like this, we can drive innovation and our industries of the future.”
Rupert Lyle, Funding Director at Midven and Fund Principal of WMCO, added: “We are thrilled to support Inicio AI as they address a critical challenge in the lending industry. Their innovative approach has the potential to significantly improve the debt resolution process for both lenders and customers.”
Shiventa Sivanesan, Assistant Director – Funding Administration and Stewardship at West Midlands Pension Fund, famous: “Inicio AI epitomises the kind of enterprise the Fund was designed for—with its potential to deliver both social and economic impact.”
With its recent injection of capital, Inicio AI is now poised to develop its influence throughout the monetary companies sector, serving to organisations create fairer, quicker, and simpler affordability journeys for hundreds of thousands of UK prospects.
