Lumio, the personal finance brain that grows your money on autopilot, has raised £1.15m in Seed round funding. Backing came from angel investors including Matteo Berlucchi, William Frewen, Richard Fearn, Ben Lundie as well as 1,287 crowd investors to help Lumio achieve their mission of growing 1 million customers’ money by 2024

Lumio was created to take personal finance management (PFM) to a new level – Personal Finance Optimisation. Lumio delivers all the convenience of the other PFM players – Emma, Yolt, and Money Dashboard – but takes things further by enabling customers to connect their entire financial lives, matches you with the right product at the right time and sets up automatic transfers to grow your money on autopilot.

Lumio’s core focus as a company is to be 100% driven on how they can be the most efficient company in the industry in using data to grow customers’ money in the right product, at the right time.

Charlie Richardson, founder & 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.”

screenshots from Lumio's app

Lumio has been founded by Charlie Richardson, Adrian Shedden and Tom Richardson with the vision of a world in which everyone has the financial security and peace of mind to decide their future. With aspirational young people still left to fend for themselves in the financial jungle, Lumio was created as an intelligent and independent app that acts solely in the customers’ best interest to fully optimise their money.

Lumio’s lessons learned

Charlie tells us his advice to startups looking to raise investment would be: “Do not rush into it (I know that is not helpful when you’re burning cash!).

“You need a plan and a strategy of who you want to raise from and the story you are telling. Raising capital is time-consuming and all-encompassing, so having a clear idea of the types of investors you want to come on board will enable you to focus your efforts in the right place, with the right story. Whilst we always wanted to raise angel capital plus a crowdfund, we were still guilty of speaking with funds at times when it really it was never the right fit for Lumio, right now.”

He adds, “There is an exceptional amount of support that comes from having ties to a close-knit community like the South West.

“There is a net-giver mentality within the South West tech scene that is self-fulfilling and incredibly rewarding. We received introductions from numerous other successful founders to angel investors. We’re also very grateful for the opportunity to feature as part of the Silicon Gorge events and the Quarterly Investment Briefings. The support from the Natwest Accelerator and Hargreaves Lansdown has also been a big part of our fundraising success.”