Lumio, a UK-based personal financing app, has successfully surpassed its initial £250,000 funding target through its equity crowdfunding campaign on Crowdcube.
Founded in 2017, Lumio describes itself as a “intelligent financial mentor” that uses tailor-made technology grow money around the app user’s lifestyle within minutes.
“Lumio empowers customers to connect your accounts in one place, de-clutter the marketplace and begin growing your money in a meaningful manner. We work across all possible avenues of personal finance. Providing guidance on current, savings and investment accounts to settle on the perfect balance for you.”
Lumio also reported its research shows £176 billion of “Lazy Money” (think useless savings rates, extortionate investment fees, and high-interest credit and loan) depreciating in the UK. With an estimated £33bn added to that pile every year. Beyond the UK, a massive £10 billion of Lazy Money across Europe.
“Wealthy individuals may have the right resources to fully optimise their finances. But we want everyone to have the financial security and peace of mind to decide their financial future. So we built Lumio – seamless, easy and independent, acting solely in customers’ best interests to fully optimise their money. Designed to enable financial freedom. Helping them achieve goals and aspirations.”
Funds from the Crowdcube will be used to continue the growth and development of Lumio’s mobile app. The company is now offering 7.23% in equity at a £3.5 million through the funding round, which is set to close mid-March.
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