Updated: Apr 14
Following its recent rebrand, UK fintech startup Lumio secured £1.15m in a crowdfunding campaign on Crowdcube. To get an insight into the company’s latest strategic moves, we spoke to Charlie Richardson, co-founder and CEO at Lumio.
“In the past couple of months, we've seen incredible growth in new customers, brought on board some really talented team members that are already having a substantial impact, and we just closed our £1.15m Seed round. They are all major steps forward on our mission to help 1 million customers grow their money by 2024. An ideal time to freshen up our branding and pinpoint this period of fast growth.”
The UK-based personal financing app, Lumio, has raised £1.15m in a target-smashing crowdfunding campaign. With an initial target of £250,000, the campaign has attracted more than 1,280 crowd investors and some of the UK’s most successful angel investors including Matteo Berlucchi, William Frewen, Richard Fearn and Ben Lundie. The funds will be used to fuel Lumio’s expansion internationally and achieve its mission of “growing 1 million customers’ money by 2024”.
“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 and personalisation and scale Lumio internationally.”
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Lumio is a personal finance manager that describes itself as “the personal finance brain that grows your money on autopilot”. Founded by Charlie Richardson, Adrian Shedden and Tom Richardson in 2017, the company differentiates from competitors like Emma, Yolt, and Money Dashboard with its unique automated financing engine that lets customers connect their entire financial lives whilst matching them with the right product at the right time, and sets up automatic transfers to grow their money on autopilot.
As the company enters its next growth stage, Charlie and his team have decided to focus on the broader impact of Lumio that goes beyond its product and covers the company’s overall brand purpose and vision.
“As we were entering a new stage of growth, we decided that it was time to focus not only on the functionality and performance of our app and service, but something much bigger, our company culture, team, and brand.”
The ‘new’ Lumio
One of the major changes in Lumio’s ‘new’ brand look is its logo. The company has transformed its original soft, round-ish lettermark logo into a sharper, more angular and distinguishing style. The new edgy design is chosen to better reflect the company’s values, maturity and purpose – "to give your finances a brain".
“Some of the core values at the centre of Lumio are to embrace being Open, Accessible, and Flexible, so we set about designing a logo that embodied just that. Our logo is made up of shapes and angles that come together to form the characters of our name - the same way Lumio brings your finances (of all shapes and sizes) into one clever app. Because our finances are as unique as we are humans, we wanted our logo to represent the coming together of all these unique formations."