Fintech startup Lumio is helping people to make changes when it comes to financial products, creating a platform to help make switching services easier. Founded in 2018 the Startup already employs 7 people.

Answering our 10 questions is Bristol-based co-founder Adrian Shedden.

1 – In your own words – what do you do?

Lumio co-founder Adrian Shedden HeadshotThere’s a big problem. Young professionals’ money is sat largely in current accounts, depreciating, and they don’t have the time, access to advice or financial literacy to do anything about it.

Lumio Mentor, our app-based proprietary algorithm, enables you to switch easily to the best-suited financial products in the market. Unlike price comparison sites, Lumio Mentor, auto-scans your financial accounts, goals and values against the market every day, highlighting improvements that can be made.  Saving you time. Growing your money.


2 – What’s the most exciting thing about what you’re doing?

In our mission to enable everyone to take control of their financial future, we have spent over two years researching, testing and incrementally building Lumio.  We have built up a loyal following through our bi-weekly newsletter, Spotlight, and are just about launch our app into Open Beta.

It’s been great getting the Closed Beta feedback from our Circle of Trust users over the last 12 months. But now that we have the technical partnership (with Bristol’s market-leading Open Banking aggregator, Moneyhub!) and other foundations in place, we’re most excited to test Lumio App (and the Lumio Mentor feature) with more people and get their feedback to make our service as useful as possible.  Every bit of feedback is exciting, as we get to see Lumio through a fresh pair of eyes each time!


3 – What are you most proud of so far?

Taking our time to build an app and educational content that stays true to our values to strip finance back to its basics and make it less complicated.  Being able to work with the likes of Moneyhub and others, who share our values and passion, is also hugely rewarding.


4 – What have you found most difficult about being a startup?

Undoubtedly, trying to build an actually useful product whilst being a lean team with limited funds (and resisting the fundraising hype train).  We constantly have to refocus on our values, purpose and customer problems/needs (and not just expect that investor money will make everything right).  As the Beastie Boys are currently telling me on Spotify: “It’s tricky, tricky, trickyyyyy!”


5 – What would you do differently?

We used to try and be all things to everyone. We lost focus, time and money and, more importantly, lacked identity.

So now we try to only build based on research and evidence  (you can never understand your customer too much!). Doing one or two things really well and then scaling seems a much better approach.


Lumio logo, white text on blue background6 – Where do you think you’ll be in 12 months?

We’re targeting 30,000 active app users and 100,000 newsletter subscribers.  Our Head of Growth, Ally Fekaiki, who grew Cleo and Yolt from 0 to hundreds of thousands says this is achievable, fingers crossed!

Hopefully, you’ll also see a growing Bristol developer presence (instead of our current offshore reliance!).


7 – What tools/people/services/organisations from the cluster have helped you most?

As we mentioned, Moneyhub has been key for us to get to market.  EEN and Business West have also been a great help in professionalising parts of the business that mean we hopefully have the foundations to grow sustainably.  Lastly, the Engine Shed (specifically Briony Philips) and Techspark have been great supernodes to connect us to the right people at the right time.


8 – What’s the best thing about the Bristol & Bath tech cluster?

The human-ness.  There are some amazing people who have “been there and done that” but are such humble and helpful people.  Long may it continue and hopefully, we’ll be able to pay it forward one day!


9 – Who will you be nominating for a SPARKie next year?

Jim Morrison, OneSub – in the current climate, there is a real need for people to understand their biases and be equipped to deal with the echo chamber and fake news.


10 – Where can we find out more about you?, where we’d love you to sign up to our Spotlight / Your Money newsletters and the Beta Waitlist, and of course we’d be grateful for follows on @Lumio_App (on both Twitter and Instagram) and lumiotech on LinkedIn.


Geraint Evans