10th May 2022 | 3 minute read

ilumoni app to be closed on 10th July 2022

We’re really disappointed to announce that today we are letting customers know that the ilumoni app will be closed on 10th July 2022. As a consequence, we are also unable to accept new customers.

We know this will come as a setback to our customers who have started to use ilumoni to help manage their borrowing, but hope that they will continue their #BorrowWell journey in future.

For ilumoni to continue operating as it is today, we needed to secure new investment.

Despite fantastic customer feedback, industry recognition (we achieved Highly Commended at the British Bank Awards recently in the Best Newcomer category) and evidence that we’ve already helped thousands of people to save money on their borrowing, we’re disappointed to say that we weren’t able to reach our target in time to avoid this action.

Sadly that means we have been left with no choice but to cease trading and stop operating the ilumoni app. We are continuing to explore alternative ways to secure ilumoni’s future and appeal to potential investors. 

This is not a decision we have taken lightly, and as an FCA-regulated company, this notice period forms part of our regulatory commitments, alongside cancelling our regulatory permissions.

The business is currently able to operate, fulfil all of its regulatory requirements and pay its creditors as they fall due.

FAQs

What will happen to my account?

Data will stop refreshing in your account, in accordance with our Terms and Conditions, on 31st May 2022. That means Open Banking balances and your credit report will not update after that date. You will also stop seeing nudges (if available to you) and any loan offers will no longer be accessible.

We will close your account on 10th July 2022. At this point, all personal data will be erased, in accordance with our Privacy Policy and for data protection purposes. If you wish to close your account before this, you may do so by requesting to close it via your profile area in the app.

What will happen next?

We’ll continue to explore alternative ways to secure ilumoni’s future and we’ll provide a way for you to keep in touch in due course. This could take different forms and should things change regarding the availability of the app before the end of the notice period, we’ll let you know straight away. 

I didn’t get an email, why not?

It’s possible that there was an error in your email address at sign up, which means our email to you has bounced. All of the relevant information is also contained in this blog post.

What if I need to get in touch in future?

Should you need to contact ilumoni after the notice period has ended, you can get in touch with us via the contact form, which will send us an email. Please note, this email will be checked intermittently and we’ll aim to respond within five working days.

If you have any questions during this notice period, you can get in touch with our team in the usual way by clicking the pink smiley face in the app.

We’d like to thank all of our customers, shareholders and our brilliant team, as well as influencers who have helped champion our cause, for your support and enthusiasm for ilumoni. We hope this isn’t the end of our story.

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© 2022 by ilumoni

ilumoni is a trading name of Monely Limited registered and regulated by the Financial Conduct Authority (928933 and 928681), registered in England and Wales (Company number 11886611), Registered Office: The Barnsley Digital Media Centre, County Way, Barnsley, S70 2JW

*As referenced in the FCA's financial lives report and/or the credit card market report.