Female-focused angel syndicate Mint Ventures bankrolls Inicio AI that aims to help people struggling with debt

Female-focused angel syndicate Mint Ventures has hailed its investment in a firm using artificial intelligence (AI) to support those struggling with debt, including a bid to help them avoid the “shame” that can come with talking to a human about the problem.

From left: Rachel Curtis, CEO of Inicio AI, and Gillian Fleming, CEO of Mint Ventures, celebrate the tie-up. Picture: contributed.

The Glasgow-based organisation that looks to make angel investment more accessible for women has injected funds into Inicio AI to support the Scotland and Midlands-based tech company in the next phase of its product development.

The deal is seen as a significant milestone for both parties, “reflecting their shared commitment to pushing the boundaries of innovation with a social purpose and to bring more women investors to the table”. It is also expected to enable Inicio AI to build on its early client success (where it is seeing engagement rates for those in debt increase by 30 per cent), and scale, citing figures published by May 2023 by the Financial Conduct Authority showing that about 11 million people in the UK are now struggling to meet bills and credit repayments, up by more than three million year on year.

Gillian Fleming, chief executive of Mint Ventures, which launched its investment activities in 2021 and has been given support by the British Business Bank, said: "We are extremely pleased to be supporting Inicio AI to take them to the next level and align our members’ collective expertise, as well as bring more diversity to the investment base.”

Rachel Curtis, chief executive of Inicio AI, said: "I’m delighted to be embarking on this journey with Mint Ventures. The partnership brings so much more than just the investment, I now have the counsel, support and backing of an amazing group of women that bring such relevant and timely experience to our journey. Alongside our investment from Morgan Stanley Inclusive Ventures Lab, I’m seeing the investment landscape change, with key organisations finding ways to improve the woefully low levels of funding that currently go to female founders.

“The idea for Inicio came out of consumer research, where we could see that customers were really struggling with taking the first step to resolving their debt. Our new approach to debt support works for borrowers and lenders alike, ensuring it is efficient, fair and removes the barrier of shame that people feel when talking to humans about their debt.”