21 December 2018
International law firm Taylor Wessing has advised Totally Money, a fintech startup providing consumer credit reports, on its £29 million investment from Elliott Advisors (UK) Limited (Elliott) and existing investors, Scottish Equity Partners (SEP).
The investment, which is subject to FCA approval, will be used to accelerate TotallyMoney's customer acquisition, build out its technology platform and, through continued innovation, provide better credit for UK consumers.
Mike Turner, Partner and International Head of Technology, Media and Communications at Taylor Wessing, said:
“TotallyMoney has accelerated quickly, at a time where the consumer credit and financial intermediation space is undergoing rapid change. Not only was it a great pleasure to help this key client in its growth ambitions, it also allowed us to leverage our skills and knowledge across the firm for a multidisciplinary approach."
Alastair Douglas, CEO of TotallyMoney commented:
“Our success over the last year has proven that we have a winning model. We were delighted to reach 1 million customers in such a short period of time and with this funding from two highly regarded investors we are now in the perfect position to meet our strong growth ambitions.
"Mike and his team at Taylor Wessing have done outstanding work on the transaction, and we look forward to working with them as we grow into the future."
The Taylor Wessing team was led by partner Mike Turner, with support from senior associates Jonny Bethell and Mark Brewer, and associate Luc Swietochowski. Senior associate Chris Ratcliffe provided support on regulatory aspects, and partner Rob Young and associate Will Egan advised on tax.