Inicio.AI, which has created a debt management process, has secured over £500,000 from a group of undisclosed investors to grow its team and further develop its technology.   

Its current client base includes mental health and wellbeing charity Life Link, and UK debt recovery agency Pastdue Credit Solutions. 

Inicio was launched in 2020 and has a strong presence in Scotland, having recently grown out of the University of Edinburgh AI Accelerator where it was named winner of the 2023 programme.

Co-founder Rachel Curtis took over as its CEO in August 2021 building on a 30-year career in financial services. She worked with major institutions including Santander and Halifax.

She currently serves as a non-executive director for the Loughborough Building Society. Other key people at the company include chairman James McGlynn, a former group CIO of Virgin Money, Clydesdale, and the Yorkshire Banking Group; and financial services and credit management sector veteran Derek Usher, who serves as a board member.

Ms Curtis said: “This additional capital will enable us to build our team so we can onboard new clients and help in the development of our innovative technology so we can further enhance its efficiency and adapt it for other sectors.”

Stephen Smith, a partner in Davidson Chalmers Stewart’s corporate team, who advised on the funding round, said: “Inicio is a ground-breaking company which has shown how AI-led technology can benefit both businesses and consumers.

“Through this new injection of investment capital, the company is well-placed to grow its market reach here in the UK and globally.”