The investment will be used to accelerate customer acquisition, build out the London-based firm’s technology platform and “provide better credit for UK consumers”.
David Sneddon, a partner at SEP, said: “Our continuing support of TotallyMoney reflects our belief in the high growth potential of its data driven approach.
“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 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.”