London-based fintech startup Youtility closes $5.81M funding from Michael Spencer and Barclays to help bring all your home finances into one place
Every year we spend over 50% of our income on home finances yet managing and tracking these accounts is a modern day nightmare. Enter Youtility, a free app that brings all your home finances into one place. Youtility helps you to track, compare, switch and save, all in-app.
Today, the London, England-based Youtility closed a $5.81 million (£4.5 million) funding round with investments from City entrepreneur, Michael Spencer and Barclays. Other investors included Ascension Ventures Fair By Design Fund which invests solely in companies tackling the Poverty Premium, reducing costs for low-income households across the UK. The funding proceed will be used to continue development on a range of new product elements, hiring across multiple practices and evolving Youtility’s data and behavioral insight capabilities.
Founded in November 2018 by Will Kostoris and Charlie Quigley, Youtility’s mission is to utilize open banking technology, behavioral science and data analytics to help consumers switch suppliers targeting the vast majority of UK homes that are not currently changing suppliers. Youtility’s B2B platform allows banks to seamlessly connect their customers with personalized home services contracts best suited to their needs, offering customers enhanced control over their core financial outgoings. Youtility’s flexible tech platform provides a tailored comparison and switching service powered by machine learning and behavioral analytics, offering partners a single solution that is easily integrated into their existing tech infrastructure.
Built primarily for banking partners, the Youtility API and customizable SDK allows partners to ensure their customers have complete control over their home finances, allowing them to find cheaper suppliers and so saving them hundreds of pounds per year.
Commenting on the funding, Will Kostoris and Charlie Quigley, Co-founders of Youtility said: “Since our launch we’ve made big strides towards helping consumers move onto competitive tariffs but there are still millions of people at risk of spending too much on their home finances.
“This funding will allow us to significantly expand our services and ultimately help more people take back control of their home finances as we work to improve consumer engagement by transparently showing them the alternatives that meet their needs.”
Michael Spencer added: “I was impressed by the Youtility team, and by their vision to tackle the problem of consumer utility switching in a new and creative way.”
“We are excited about the application of Youtility’s technology in the financial services sector and will be supporting the team as they develop products which have the potential to deliver significant value to customers,” Ben Davey, CEO of Barclays Ventures said.