Inicio AI Raises £2.6M in Seed Round to Scale AI-Powered Financial Platform
By Anushka Malhotra
1 minute 23 seconds
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Quick Read: Coventry fintech Inicio AI has raised £2.6m in seed funding from top-tier investors to scale its AI-powered financial support platform and launch the UK’s first regulated affordability passporting service.
Inicio AI, a Coventry-based fintech innovator, has raised £2.6 million in seed funding to fuel growth and roll out its FCA-regulated consumer affordability platform.
The funding round was supported by a consortium of high-profile investors, including Rigby Group, Morgan Stanley, Haatch Ventures, Angel Academe, Mint Ventures, and a number of individual angel investors. It also includes a £500,000 investment from the West Midlands Co-Investment Fund (WMCO), managed by Midven, part of Future Planet Capital.
The raise follows Inicio AI’s recent win at Birmingham Tech Week’s OneToWin pitch competition, where it earned recognition for Budgie AI, its intelligent virtual agent designed to help individuals better manage their finances.
The funds will be used to scale the company’s operations, including the launch of the UK’s first FCA-regulated specialist consumer affordability passporting service. This innovation will allow consumers to share verified affordability data with third parties, streamlining financial assessments across sectors.
The company also plans to grow its West Midlands headquarters, adding new talent in tech and data roles to support ongoing development.
Rachel Curtis, CEO of Inicio AI, commented:
“This investment, alongside our OneToWin recognition, represents a major milestone. It enables us to enhance our technology, scale our impact, and help more people take control of their financial future while improving efficiency for lenders.”
The WMCO, jointly launched by the West Midlands Combined Authority (WMCA) and the West Midlands Pension Fund, aims to back high-growth SMEs driving innovation and economic growth in the region through matched equity investment of up to £1 million.
Richard Parker, Mayor of the West Midlands and WMCA Chair, said:
“Inicio AI is a fantastic example of regional innovation. With the right investment and support, local companies like this can launch groundbreaking solutions that improve lives and grow our economy.”
Rupert Lyle, Investment Director at Midven and Fund Principal of WMCO, added:
“Inicio AI’s cutting-edge approach to affordability assessments is reshaping how the financial sector operates. We’re excited to be part of their journey.”
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