IE Hub, the income and expenditure hub used by financial services providers, utility companies and consumers has relocated to Cardiff following the completion of a £1 million fundraising round that has been led by a syndicate of business angels and Angels Invest Wales.
Founded by industry professionals, IE Hub is a free online tool that allows users to complete income and expenditure forms in a stress-free and convenient manner. The platform empowers individuals to take control of the information they share, streamlining the budgeting process and eliminating the need for lengthy phone conversations. IE Hub also features a benefit checker tool allows customers to determine eligibility for means-tested benefits and water social tariffs, improving affordability and financial well-being.
Selected for Tech Nation Fintech 3.0 in September 2020, IE Hub has relocated from Milton Keynes to Cardiff with the support of lead investor Eamon Tuhami. The funding will provide working capital to accelerate growth with further investment in technology, operations and marketing. Up to four new jobs are expected to be created.
Lead investor Eamon Tuhami said: “I’ve been extremely impressed with the ability of IE Hub to help and empower consumers who find themselves in difficult financial situations, while at the same time delivering an essential service to creditors. This perfect combination, linked with huge market potential make them a FinGood that I’m proud to back. “
Chief Executive of IE Hub, Dylan Jones said: “Throughout this funding round, it has become increasingly evident to the new investors that IE Hub brings such value to consumers facing debt problems and creditors that need a system to support complex customer situations. Our investors have total empathy with our mission to support those in debt and are aligned to being part of a unique solution to address the growing problem.
“In closing this round, I would like to call out a special thankyou to our existing investors that have continued to support us on this exciting journey, to Eamon Tuhami at Hwyl Ventures for his guidance with Angels Invest Wales and to the Development Bank for showing huge support for our purpose and growth in Wales. I also thank CMS Legal and Capital Law for their advice.”
Tom Preene is Operations Manager for Angels Invest Wales. He said: “IE Hub is at the cutting-edge of fintech innovation and therefore an attractive proposition for investors who recognise the value of how this unique self-service platform is helping consumers to manage their debt with creditors while providing financial services providers with a robust solution that treats customers fairly and in line with regulatory requirements. As Wales’ biggest angel network, we’re pleased to be supporting Eamon as Lead Investor.”
The investment by the syndicate of angels was match funded by the Wales Angel Co-Investment Fund. With equity and loans from £25,000 to £250,000, the £8 million fund is available to syndicates of investors seeking to co-invest in Wales based SMEs. Syndicates are managed by Lead Investors who have been pre-approved by Angels Invest Wales.
