Lumio, a Fintech that raised growth capital on Crowdcube, has announced a partnership with Lloyds Bank.
Lumio offers an app that aims to help people grow their money on autopilot.
In 2021, Lumio raised over £1 million at a pre-money valuation of £3.5 million. The EIS-approved offering garnered the support of 1186 individual investors. The following year, Lumio raised over £300,000 at a pre-money valuation of £8.75 million. Both securities offerings were listed on Crowdcube.
Today, Lumio is announcing that it is working with Lloyds to transform how people manage their shared finances. The service will be rolled out between May and August to selected Lloyds customers who will be invited to trial the app on a first-come, first-served basis and enjoy free access to Lumio Couples Pro, Lumio’s premium package, typically priced at £39.99 per year.
Lumio is a graduate of the Lloyds 2024 Launch Innovation programme, which provides participants with the opportunity to run a commercial experiment with Lloyds Banking Group. Participation can open doors to future partnerships and investment from the Group’s Fintech Investment Team.
Lumio’s founder and CEO, Charlie Richardson, says that “couples have fallen into an account gap and Lumio provides these couples with a solution that makes it easier for them to spend independently but retain financial clarity and alignment as a couple.”
Tamara van den Ban, Customer Propositions Director at Lloyds Banking Group, believes the collaboration between the two entities can enhance their services and better address customer needs.