Inicio AI's affordability assessment solution eases financial stress with Innovate UK support
Inicio AI, a software company based in the Midlands, is transforming affordability assessment by businesses and optimising operations in the debt management space through AI. With funding and business growth support from Innovate UK, Inicio AI has secured a £1.75 million investment and is well-positioned to expand its market presence.
Inicio AI is addressing a critical need in the financial sector by streamlining the process of assessing affordability. Its software solution adapts dynamically to each consumer’s needs, thereby simplifying budget management and identifying those who are financially vulnerable and potentially in need of support.
Rachel Curtis, CEO of Inicio AI, says: “With the fast-growing numbers of people who are currently struggling financially, there is a critical need to streamline the complex process of budget management and provide better support for those facing financial difficulties during the ongoing cost-of-living crisis.”
Following the award of an Innovate UK Fast Start Grant of £49,700 in 2022, the company also required investment to scale its operations. Aiming to secure around £1 million to bring its product to market, Inicio AI sought targeted support from Innovate UK Business Growth.
Strategic bespoke support
Inicio AI focused on its funding and finance strategy with Innovate UK Business Growth, once it was established that this was the highest priority. With the agreement of its specialist and as part of this support, it participated in Invest-Ability Training, which provided it with two and a half days of intensive training. This training covered essential topics such as investor types, negotiations and demonstrating traction.
Additionally, the Invest-Ability Pitch Panel offered the company an opportunity to present its business model to a panel of investors. The feedback received was instrumental in refining its investment pitch. One-on-one support from Innovation and Growth Specialist, Steve Lyons, further complemented this, providing practical advice on financials and strategies for engaging with venture capitalists and angel investors.
Rachel notes: “The clear and effective training and support we received as part of Invest-Ability Intensive Training, along with Innovate UK Business Growth’s expertise and guidance, enabled us to develop a more compelling proposition and target the right audiences.
“Having the support of a dedicated Innovation and Growth Specialist also gave us a knowledgeable brain to pick whenever we needed help.”
Establishing strong foundations for future growth
The impact of Innovate UK Business Growth’s support has been substantial. Inicio AI successfully raised £1.75 million from a diverse mix of high-net-worth individuals, business angels and strategic partners, including Morgan Stanley’s Inclusive Ventures Lab. This investment has enabled the company to enhance its software further and initiate sales with major clients such as Northumbrian Water, BPO Collections, 118 118 Money and PastDue Credit Solutions.
Furthermore, in October 2024, they won £1.35 million from the “One to Win,” the West Midlands-based pitching competition supported by Midven, Haatch and Rigby.
Rachel adds: “The support we received through the Fast Start grant was crucial in getting us off the ground. It laid the groundwork for our growth and made it possible to secure significant investment later on.
“We’ve just secured Financial Conduct Authority (FCA) authorisation – the first and only specialist Income and Expenditure (I&E) provider to do so – and are now launching a consumer proposition to help customers overcome the challenging task of sharing their budget with the multiple providers they owe money to.”
Driving economic and social value
Inicio AI’s innovative software is not only advancing financial technology but also addressing a serious societal issue. By simplifying affordability assessments, the software helps businesses offer better support to individuals facing financial difficulties.
With a robust financial foundation and an enhanced product offering, Inicio AI is well-positioned to continue its mission of revolutionising financial assessment and supporting those in need during challenging economic times.
The support we received through the Fast Start grant was crucial in getting us off the ground. It laid the groundwork for our growth and made it possible to secure significant investment later on.
– Rachel Curtis, CEO of Inicio AI