Coventry's Inicio AI has raised £2.6 million in seed funding to scale its innovative affordability assessment platform, 'Budgie', following its success at a tech pitch competition. The funding includes significant contributions from various investors, intending to improve how organizations assess financial wellbeing, particularly for vulnerable consumers. Budgie's AI-powered dialogue significantly reduces time and increases payment amounts, while also identifying unclaimed benefits. The investment will facilitate the launch of a regulated affordability passporting service and support expansion efforts within the company.
At the heart of Inicio AI's solution is "Budgie", a conversational AI virtual agent that guides consumers through an online affordability assessment.
By replacing manual affordability checks with AI-powered dialogue, Budgie has demonstrated a 60% increase in payment amounts and a 50% reduction in both consumer and agent time.
The investment round includes £500,000 from the West Midlands Co-Investment Fund, along with funding from Rigby Group PLC and several angel investors.
The new funding will support the launch of the UK's first FCA-regulated consumer affordability passporting service.
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