Fintech credit repayment Incredible raises $1 million

A fintech that uses the latest open banking technology to help users pay off credit card debt more efficiently has raised $1 million.

Incredible raised $1 million in a pre-seed round, with investors including former Plaid executive Keith Grose and active angel investor Mark Ransford.

Incredible, founded in 2022, leverages open banking technology and artificial intelligence, saying it can help its users track, pay and reduce the cost of their loans.

For example, if a user has multiple credit cards, Incredible will use open banking technology to analyze the user’s financial data, calculate the user’s ideal monthly credit card repayment expense, then use variable recurring payments (VRP ), a faster version of direct debit powered by open banking: to make your payments.

Founder Yaseen Rostom said: “There are still no tools to effectively manage the loans we have through credit cards, personal loans, car financing, etc.”

Incredible is aimed at millennials with little time and poor financial management.

Competitors in this area include the likes of Updraft, debt consolidation company, while the likes of Clear score provide a user’s credit score.

Incredible, which is based in the UK with a staff of four, has more than 1,500 customers.

The app can be downloaded from the Google and Apple stores.

Rostom says the fintech plans to move beyond credit cards to handle personal loans and car financing.

Image: Couple’s cup

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