By: 21 May 2024

The company will use the money to automate credit card and loan repayments

Incredible secures $1M in pre-seed funding

Incredible, the London-headquartered paytech, has secured $1m in pre-seed funding to fully launch its platform and app, which aims to empower consumers with an automated all-in-one credit management solution. 

Investors include serial fintech investor Mark Ransford, Atomico angels Joe Cross (ex-Wise), Russell Smith (ex-Monzo) and Michael Tefula, A16z scout Keith Grose (ex-Plaid), and ex-TechCrunch journalist Steve O’Hear. Techstars and Angel Invest Ventures also invested.

On a mission to transform the consumer credit landscape, Incredible lets consumers track, manage, and repay their credit card debts through an intuitive mobile app. Powered by Open Banking and Artificial Intelligence, the platform consolidates debt across multiple credit cards and suggests and automates the most cost-effective way to pay off balances.

Features include Roundups, which turns your spare change into interest savings, and IncrediPay, which offers a single consolidated monthly payment that covers all your repayment needs.

Meanwhile, despite advancements in nearly every facet of financial technology – from crypto trading to instant payments – the sector of credit management remains remarkably outdated. Yet the problem is huge, with the average UK household having over £70,000 in debt. Research from debt charity StepChange reveals that there are 18 million Brits are in debt and looking for support but many are not yet in payment arrears and therefore not eligible for formal support solutions.

“Incredible aims to make managing credit cards and loans simple for everyone, not just for those with financial acumen.” said Incredible’s founder and chief executive officer, Yaseen Rostom. “We’re committed to redefining how consumers engage with credit, converting what’s often seen as a burden into a manageable, even empowering, part of their financial lives.”

Since the company’s iOS and invite-only Beta opened in summer 2023, Incredible has had thousands of signups and helped consumers reduce their interest payments and escape the cycle of debt faster than existing solutions. The platform is helping people manage over £2 million in credit card debt.

In the future, Incredible plans to capture the full portfolio of credit products – from loans to car finance, BNPL to mortgages – and use AI to help users refinance at a lower interest rate and reduced fees. This will not only help consumers save money, but improving repayment behaviour has a positive impact on a person’s credit score and overall credit health.

Angel investor Joe Cross, previously global head of marketing & comms at Wise, commented: “As someone who has been closely following the fintech space, it’s clear that the credit management sector has been woefully underserved. The Incredible team is building a transformative solution that consumers desperately need—combining intuitive design with cutting-edge technology to empower people to regain control of their financial lives.”

Image: Incredible

Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.