incuto, a self-styled “fintech for good”, has secured £1.75 million from a funding consortium to take its credit union platform overseas.
The investment round saw contributions from NPIF – Mercia Equity Finance, the government’s Future Fund; Ascension Ventures’ Fair By Design Fund; and the North East Innovation Fund – supported by the European Regional Development Fund and managed by Northstar Ventures.
incuto was founded in ilkley in 2016 by business consultant Andrew Rabbitt, banker John Newsham and businessman Les Walker.
The new funding will allow the company to roll out its platform to a wider range of UK credit unions as well as prepare for overseas expansion.
“We’ve been extremely busy supporting our credit union partners during Covid-19. The lockdown not only escalated the need for credit unions to offer their members digital access, but also to communicate with them more regularly and effectively, something our technology also enables them to do,” said Mr Rabbitt.
“Credit unions have been at the forefront of supporting financially excluded and often vulnerable individuals and families over recent months, so we are delighted to offer them technology which not only better supports existing members in a digital world, but also enables them to promote their message of ethical, supportive banking to a wider audience.”