IE Hub relocates to Cardiff following the completion of a £1 million fundraising round

IE Hub has relocated to Cardiff following the completion of a £1 million fundraising round. This has been led by a syndicate of business angels and Angels Invest Wales.

IE Hub, founded by industry professionals, is a free online tool. It enables users to complete income and expenditure forms conveniently and stress-free. The platform empowers individuals to take control of the information they share. It streamlines the budgeting process and eliminates the need for lengthy phone conversations. IE Hub also features a benefits checker tool. This feature allows customers to determine eligibility for means-tested benefits and water social tariffs, improving affordability and financial well-being.

Selected for Tech Nation Fintech 3.0 in September 2020, IE Hub has relocated from Milton Keynes to Cardiff with the support of lead investor Eamon Tuhami. The funding will provide working capital to accelerate growth with further investment in technology, operations and marketing. This is anticipated to generate the creation of up to four new jobs.

Eamon Tuhami

Lead investor Eamon Tuhami said: “I’ve been extremely impressed with the ability of IE Hub to help and empower consumers who find themselves in difficult financial situations, while at the same time delivering an essential service to creditors. This perfect combination, linked with huge market potential makes them a FinGood that I’m proud to back. “

Dylan Jones

Chief Executive of IE Hub, Dylan Jones said: “Throughout this funding round, it has become increasingly evident to the new investors that IE Hub brings such value to consumers. Especially those facing debt problems and creditors that need a system to support complex customer situations. Our investors empathise with our mission to support those in debt. They align themselves to be part of a unique solution that addresses the growing problem.

“In closing this round, I would like to call out a special thank you to our existing investors that have continued to support us on this exciting journey; to Eamon Tuhami at Hwyl Ventures for his guidance with Angels Invest Wales and to the Development Bank for showing huge support for our purpose and growth in Wales. I also thank CMS Legal and Capital Law for their advice.”

Tom Preene

Tom Preene is Operations Manager for Angels Invest Wales. He said: “IE Hub is at the cutting-edge of fintech innovation and therefore an attractive proposition for investors who recognise the value of how this unique self-service platform is helping consumers to manage their debt with creditors while providing financial services providers with a robust solution that treats customers fairly and in line with regulatory requirements. As Wales’ biggest angel network, we’re pleased to be supporting Eamon as Lead Investor.”

The investment by the syndicate of angels was match funded by the Wales Angel Co-Investment Fund. With equity and loans from £25,000 to £250,000, the £8 million fund is available to syndicates of investors seeking to co-invest in Wales-based SMEs. Lead Investors, who have been pre-approved by Angels Invest Wales, manage syndicates.