Lumio, a Fintech App for Growing Wealth on Autopilot, Secures £311,000 via Crowdccube

Lumio, which is focused on building a “hyper-personalized” finance app for people to grow their money on autopilot, has secured 155% (£311,594) of its £200,000 target via Crowdcube from 457 investors (at the time of writing) with 7 days left in the sale.

Lumio reports a Pre-money valuation of £8,750,000; Equity: 3.42%; Share price: £4.70.

Lumio’s management explains that they’re developing a personalized finance app “for people to grow their money on autopilot.”

Since working with ex-Paypal director & 500Startups VC Matt Lerner, Lumio is “recognized as one of Metro’s top money managing apps, alongside Monzo, Moneybox & Chip.” Customers are “up nearly 400% & daily use up 216% in 12 months – time for growth investment.”

Here are some key highlights:

  • 100,000+ connected accounts analysing data from £1.5 bn of transactions
  • Customer base up nearly 400% & daily use up 216% in 12 months, now reaching 34.7k users
  • Recognised as a “Top Money Manager” – Metro
  • Lumio Pro subscription aiming to launch in late 2022 with auto-save & invest features

Lumio will “help you track, save and invest every penny you should when you can.”

The Lumio app can “connect your entire financial life in seconds, using data to analyse your income, spending and bills across all your accounts to provide a hyper-personalized money-builder.”

They’ve spoken to thousands of people “across the Lumio community who were fed up with tedious spreadsheets and switching between finance apps to manage their bank accounts, credit cards, trading accounts, and crypto wallets.”

Their research “shows that these instantly out of date, time-consuming, old school methods are leaving people confused about what they can actually afford to save and invest.”

The company claims that the market opportunity “is huge.” Their research “shows that £33bn is lost in Lazy Money every year. And beyond the UK, a massive £10tn across Europe – all just waiting to be optimized.”

Their upcoming subscription service, Lumio Pro, “brings a wealth of features requested and tested by customers.”

These auto-saving and investment features “have been designed to bring increased personalization to help customers track, save and invest every penny they should, when they can.”

Lumio Pro is “set to aid [their] growth towards an exciting 2023.”

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