London-based Lumio raises €1.2 million seed round to grow users’ money on autopilot

Lumio, the personal finance brain that grows its users’ money on autopilot, has raised around 1.2 million in seed funding. The backing came from angel investors including Matteo Berlucchi, William Frewen, Richard Fearn, Ben Lundie as well as 1,208 crowd investors to help Lumio achieve their mission of growing 1 million customers’ money by 2024.

Lumio was created in 2017 to take personal finance management (PFM) to a new level – Personal Finance Optimisation. Lumio delivers all the convenience of the other ‘PFM’ players, but takes things further by enabling customers to connect their entire financial lives, matches users with the right product at the right time and sets up automatic transfers to grow users’ 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.”

Lumio was founded by Charlie Richardson, Adrian Shedden and Tom Richardson with a 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 acts as an intelligent and independent app that acts in the customers’ best interest to fully optimise their money.