London FinTech Youtility has closed a £4.5 million funding round led by Barclays.

The home finance tech platform, which launched in November 2018, uses open banking and behavioural science analytics to help consumers switch suppliers.

Built primarily for banks, the Youtility API allows partners to ensure customers have complete control over their home finances.

The funding round saw investment from Michael Spencer, the British businessman who founded interdealer broker ICAP then NEX Group and who has recently been appointed Chairman of the Centre for Policy Studies.

Other investors included Ascension Ventures’ Fair By Design Fund.

The money 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.

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Co-founders Will Kostoris and Charlie Quigley 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.”

Ben Davey, chief executive of Barclays Ventures, added: “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.”