Youtility completes £4.5m funding round led by ICAP founder Michael Spencer

Youtility announces it has closed a £4.5m funding round with investments from City entrepreneur, Michael Spencer and Barclays.

Launched in November 2018, Youtility’s mission is to utilise open banking technology, behavioural science and data analytics to help consumers switch suppliers targeting the vast majority of UK homes that are not currently changing suppliers. Youtility’s B2B platform allows banks to seamlessly connect their customers with personalised home services contracts best suited to their needs, offering customers enhanced control over their core financial outgoings. Youtility’s flexible tech platform provides a tailored comparison and switching service powered by machine learning and behavioural analytics, offering partners a single solution that is easily integrated into their existing tech infrastructure.

Built primarily for banking partners, the Youtility API and customisable SDK allows partners to ensure their customers have complete control over their home finances, allowing them to find cheaper suppliers and so saving them hundreds of pounds per year.

The £4.5m round was led by Michael Spencer, and Barclays. Spencer, the successful British businessman who founded interdealer broker ICAP then NEX Group and who has recently been appointed Chairman of the Centre for Policy Studies, invested via his private investment company, IPGL. Other investors included Ascension Ventures Fair by Design Fund which invests solely in companies tackling the Poverty Premium.

The funding will be used to continue development on a range of new product elements, hiring across multiple practices and evolving Youtility’s data and behavioural insight capabilities.

Will Kostoris and Charlie Quigley, Co-founders of Youtility commented: “Since our launch we’ve made big strides towards helping consumers move onto competitive tariffs but there are still millions of people at risk of spending too much on their home finances.

This funding will allow us to significantly expand our services and ultimately help more people take back control of their home finances as we work to improve consumer engagement by transparently showing them the alternatives that meet their needs.

Michael Spencer commented: “I was impressed by the Youtility team, and by their vision to tackle the problem of consumer utility switching in a new and creative way.”

Ben Davey, CEO of Barclays Ventures commented: “We are excited about the application of Youtility’s technology in the financial services sector and will be supporting the team as they develop products which have the potential to deliver significant value to customers.”