Incuto announced funding of £1.75 million from MerciaFuture Fund; Ascension Ventures’ Fair By Design Fund, and the North East Innovation Fund

incuto, an Ilkley (Leeds), UK- developer of a financial service platform, announced that it raised capital totalling £1.75 million ($2.3M).

The money was raised from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF); 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.

The funding will allow the company to roll out its platform to more UK credit unions and prepare for overseas expansion. It comes as the pandemic has increased demand for incuto’s technology by forcing many credit unions and community banks to rapidly digitise their services.

incuto, founded in 2016 by CEO Andrew Rabbitt, John Neasham and Les Walker, is a financial technology company which developed an out-of-the-box platform for Credit Unions and Community Banks.

The platform is now used by over 40 credit unions and has over 500,000 registered users. incuto has established partnerships with Experian, Telefonica, Google and TransUnion. It recently announced new partnerships with ClearBank to offer credit unions access to faster payments, direct debit processing and virtual accounts, and with the Post Office to allow members to withdraw cash from Post Office branches. incuto is HM Treasury’s sole technology partner for the two-year pilot of its prize-linked savings scheme for credit unions.