A financial tech firm has secured £2.6 million to expand its products and create new jobs.
Inicio AI has developed a tool called Budgie AI which aims to provide consumers with financial support and a means of assessment which removes the need to speak to a human.
It works with clients such as Northumbrian Water, credit agency TransUnion and IT services provider Wavenet which use the tool to gain a more accurate understanding of their customers' financial situations more cheaply than a traditional assessment.
The Coventry-based business said it would use the new capital to expand in several areas, including launching an affordability service where consumers can share their results.
The company, which was founded during the covid pandemic, will also be expanding its payroll with new hires in its tech and data teams.
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This £2.6 million funding round includes the £1.35 million which the company won during the One to Win pitching competition as part of Birmingham Tech Week in October.
A further £1.25 million has now also been agreed from a host of investors.
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Those backing the firm include West Midlands Co-Investment Fund, managed by Midven, business group Rigby and venture capital firm Haatch alongside additional investment from Morgan Stanley, Angel Academe, Mint Ventures and private individuals.
Chief executive Rachel Curtis said: "This investment, coupled with our success in the One to Win competition, marks a significant milestone in our mission to revolutionise affordability assessments.
"With this funding, we can expand our team, enhance our technology and bring our innovative solutions to a wider market. It's hugely rewarding to be able to improve the financial well-being of individuals while also increasing efficiency for creditors."
In January, it was named in our annual Ones to Watch poll of companies to keep an eye on during 2025.
West Midlands Mayor Richard Parker added: "Growing our economy is a top priority for me but local companies need investment if they are to innovate and expand.
"That's why our co-investment fund was set up - to invest in innovation so that forward looking businesses can grow and prosper, creating valuable jobs for local people.
"Inicio AI is a great example of a West Midlands business that, with the right support, has been able to get established and launch an innovative product that can make a real difference to people's lives. By investing in homegrown talent like this we can drive further innovation and our industries of the future."
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Rupert Lyle, investment director at Birmingham-based Midven, said: "We are thrilled to support Inicio AI as they address a critical challenge in the lending industry.
"Their innovative approach to affordability assessments has the potential to significantly improve the lending and debt resolution process for both lenders and customers."