Credit scoring firm TotallyMoney has agreed £29m of funding from Elliott Advisors and existing investors Scottish Equity Partners (SEP).

The investment, which is subject to FCA approval, will be used to “accelerate customer acquisition, build out the market leading technology platform and, through continued innovation, provide better credit for UK consumers,” it said in a statement.

TotallyMoney has been growing during a period of disruption in the UK consumer credit market, acquiring more than one million customers since launching its free credit report last year.

Alongside the report, the fintech firm’s proprietary ‘borrowing power algorithm’ uses information from the customer’s live credit status together with real-time market-wide lending data. The technology shows customers how likely they are to be accepted for credit without impacting their credit rating.

“Our continuing support of TotallyMoney reflects our belief in the high growth potential of its data driven approach,” said David Sneddon, Partner at SEP. “Its technology led products are creating strong competitive advantage, and this investment will ensure that the company remains at the forefront of a fairer credit market for consumers.”

Richard Monahan, of Elliott Advisors, added: “Credit intermediation is evolving rapidly and TotallyMoney is driving this change with its best-in-class technology platform and embedded position in the consumer finance ecosystem. We are thrilled to partner with SEP and the management team to significantly scale the business.”

Anna Kuriakose, TotallyMoney’s chief product officer, said: “Our objective from the start was to better serve both consumers and credit issuers by creating a more balanced ecosystem.

“Customers don’t just want to see their data; they need to know why they have the credit profile they have and what they can do next. With our free credit report, borrowing power algorithm, and highly personalised matching system, we have created a product that serves this customer need.”