Background
Wollit, established in 2017 and headquartered in London, United Kingdom, is a fintech company dedicated to enhancing financial well-being for individuals with flexible or unstable incomes. The company's mission is to become the UK's most trusted provider of credit-building solutions, aiming to empower over one million people to build stronger credit and increase their financial inclusion by the end of 2025.
Key Strategic Focus
Wollit specializes in offering credit-building services tailored for individuals with non-traditional income streams. Its primary product is a 12-month credit-building plan that reports users' monthly payments to the UK's three major credit reference agencies—Experian, Equifax, and TransUnion. This service is designed to help users improve their credit scores, thereby enhancing their access to financial products. Additionally, Wollit offers a Rent Reporting tool that reports users' monthly rental payments to the same credit agencies, further supporting credit score improvement.
Financials and Funding
As of April 2024, Wollit has raised a total of $11.3 million in funding over multiple rounds. The latest funding round, a Series A, amounted to $10 million. Notable investors include Fuel Ventures, Anthemis, and Banco Bilbao Vizcaya Argentaria (BBVA). The capital raised is intended to support product development, expand market reach, and enhance technological capabilities.
Technological Platform and Innovation
Wollit's platform leverages financial technology to provide credit-building solutions. By reporting users' monthly payments to major credit reference agencies, the platform enables individuals to build a positive credit history. The integration of Open Banking technology allows Wollit to access users' bank transaction data securely, facilitating the Rent Reporting tool that detects and reports rental payments.
Leadership Team
- Eliad Shababo: Founder and Chief Executive Officer. Eliad has been instrumental in steering Wollit's strategic direction and growth since its inception.
- Toby Havilland: Chief Technology Officer. Toby oversees the technological development and innovation of Wollit's platform.
Leadership Changes
In June 2024, Oliver Hammond resigned from his position as a director at Wollit.
Competitor Profile
Market Insights and Dynamics: The credit-building services market in the UK is experiencing growth, driven by increasing awareness of credit scores' importance and the rise of non-traditional employment.
Competitor Analysis: Key competitors include:
- Loqbox: Offers a service where users save a fixed amount monthly, which is reported to credit agencies to build credit history.
- Pave: Provides credit-building services by reporting monthly subscription payments to credit agencies.
- Cashalo: A mobile platform offering digital credit access, focusing on financial inclusion.
Strategic Collaborations and Partnerships
In March 2025, Wollit partnered with Eleos Life Limited to enhance customer financial resilience as they build their credit.
Operational Insights
Wollit's strategic focus on individuals with flexible incomes differentiates it from competitors. Its integration of Open Banking technology for rent reporting and the absence of credit checks for enrollment provide a competitive edge.
Strategic Opportunities and Future Directions
Wollit aims to expand its user base to over one million by the end of 2025. Future directions include enhancing product offerings, exploring new partnerships, and leveraging technological advancements to improve user experience and financial outcomes.
Contact Information
- Website: wollit.com
- LinkedIn: linkedin.com/company/wollit
- Facebook: facebook.com/wollit
- Twitter: twitter.com/wollit
