Inicio AI Raises £2.6M in Seed Round to Scale AI-Powered Financial Platform

By Anushka Malhotra

1 minute 23 seconds

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Quick Read: Coventry fintech Inicio AI has raised £2.6m in seed funding from top-tier investors to scale its AI-powered financial support platform and launch the UK’s first regulated affordability passporting service.

Inicio AI, a Coventry-based fintech innovator, has raised £2.6 million in seed funding to fuel growth and roll out its FCA-regulated consumer affordability platform.

The funding round was supported by a consortium of high-profile investors, including Rigby Group, Morgan Stanley, Haatch Ventures, Angel Academe, Mint Ventures, and a number of individual angel investors. It also includes a £500,000 investment from the West Midlands Co-Investment Fund (WMCO), managed by Midven, part of Future Planet Capital.

The raise follows Inicio AI’s recent win at Birmingham Tech Week’s OneToWin pitch competition, where it earned recognition for Budgie AI, its intelligent virtual agent designed to help individuals better manage their finances.

The funds will be used to scale the company’s operations, including the launch of the UK’s first FCA-regulated specialist consumer affordability passporting service. This innovation will allow consumers to share verified affordability data with third parties, streamlining financial assessments across sectors.

The company also plans to grow its West Midlands headquarters, adding new talent in tech and data roles to support ongoing development.

Rachel Curtis, CEO of Inicio AI, commented:

“This investment, alongside our OneToWin recognition, represents a major milestone. It enables us to enhance our technology, scale our impact, and help more people take control of their financial future while improving efficiency for lenders.”

The WMCO, jointly launched by the West Midlands Combined Authority (WMCA) and the West Midlands Pension Fund, aims to back high-growth SMEs driving innovation and economic growth in the region through matched equity investment of up to £1 million.

Richard Parker, Mayor of the West Midlands and WMCA Chair, said:

“Inicio AI is a fantastic example of regional innovation. With the right investment and support, local companies like this can launch groundbreaking solutions that improve lives and grow our economy.”

Rupert Lyle, Investment Director at Midven and Fund Principal of WMCO, added:

“Inicio AI’s cutting-edge approach to affordability assessments is reshaping how the financial sector operates. We’re excited to be part of their journey.”

What's new

DigiSpinWM Pilot Celebrates Milestone as 11 Investor-Ready Innovations Emerge in the West Midlands

The DigiSpinWM pilot programme, a bold initiative designed to accelerate the spin-out of digital and advanced manufacturing innovations in the West Midlands, has marked a key milestone with a showcase event in Birmingham, unveiling 11 investor-ready ventures developed over the past six months.

Transforming Ideas into Investment Opportunities

Backed by Research England and delivered through a partnership between the University of Wolverhampton, Coventry University, and Birmingham City University via the West Midlands Combined Universities, the programme set out to test a collaborative model for commercialising innovation more efficiently and effectively.

In just six months, DigiSpinWM has:

- Assessed over 40 high-potential technologies for commercial viability
- Delivered tailored support to participants on spin-out strategy and intellectual property development
- Nurtured 11 ventures to investment readiness
- Developed a shared framework for technology transfer across participating universities

The recent showcase celebrated these achievements, spotlighting innovations spanning early-stage development to near-market solutions with the potential for significant societal and economic impact.

A Regional Model for Innovation

Ceri Jones, Director of Research & Enterprise at the University of Wolverhampton, reflected on the programme’s success:

The DigiSpinWM pilot has been a transformative journey. Seeing 11 investor-ready ventures emerge from such a collaborative, regional approach shows what’s possible when we unify efforts across institutions. These spinouts will drive real-world change and position the West Midlands at the forefront of digital and advanced manufacturing.

The pilot’s success is also credited to a strong ecosystem of academic mentors, business advisors, and industry reviewers who provided essential support and guidance to participants.

The showcase event featured live pitches from select ventures to an audience of investors, stakeholders, and innovation leaders, marking a key step towards unlocking the funding required to bring these innovations to market.

With the DigiSpinWM model proving its value, the programme signals a new chapter for spin-out activity in the West Midlands—one built on collaboration, shared infrastructure, and investment-ready innovation.

By Anushka Malhotra

8 Jun