INICIO.AI, a technology-driven startup which makes debt management processes more efficient for businesses and less stressful for consumers, has secured over £500K as part of a current £1m fundraising round.
Targeting clients across a wide range of sectors including utilities, banks, debt management companies and charities, Inicio provides innovative technology that supports efficient and effective financial management processes. Its conversational AI offering enables consumers to work out their detailed affordability position so companies or organisations to which they owe money can help them work out the next step – doing this online avoids the pressure and shame that can result when speaking to a human.
Inicio’s current client base includes mental health and wellbeing charity Life Link, and UK debt recovery agency Pastdue Credit Solutions. The proceeds of this investment round will enable Inicio to grow its team to support the onboarding of additional clients, and invest in further development of its technology to realise its market potential.
Inicio was launched in 2020 and has a strong presence in Scotland, having recently graduated from the University of Edinburgh AI Accelerator where it was named winner of the 2023 programme.
Inicio co-founder Rachel Curtis took over as its CEO in August 2021 building on a 30-year career in financial services where she worked with major institutions including Santander and Halifax. She currently serves as a non-executive director for the Loughborough Building Society. Other key people at the company include chairman James McGlynn, a former group CIO of Virgin Money, Clydesdale, and the Yorkshire Banking Group; and financial services and credit management sector veteran Derek Usher, who serves as a board member.
Commercial law firm Davidson Chalmers Stewart has advised Inicio through its current investment round.
Rachel Curtis said: “We’re delighted with the progress of this investment round which will take Inicio significantly forward on its growth journey. This additional capital will enable us to build our team so we can onboard new clients and help in the development of our innovative technology so we can further enhance its efficiency and adapt it for other sectors.
“The team at Davidson Chalmers Stewart has been extremely supportive and instrumental in guiding us through the complexities of this investment round ensuring keeping on track with critical timescales.”
Stephen Smith, a partner in Davidson Chalmers Stewart’s Corporate team, said: “Inicio is a ground-breaking company which has shown how AI-led technology can benefit both businesses and consumers. Through this new injection of investment capital, the company is well-placed to grow its market reach here in the UK and globally.”