What Incuto does

Incuto is a UK-based cloud banking technology platform founded in 2016 in Ilkley, with a distributed team across Ilkley, Northumberland, Glasgow, and London. The company provides an end-to-end fintech platform that enables credit unions, community banks, and community development finance institutions (CDFIs) to operate as challenger banks, offering digital banking, loan origination, automated decisioning, Faster Payments, Direct Debit collection, member communications, and back-office automation. The platform integrates with ClearBank (real-time payments, virtual accounts), TransUnion and Experian (credit referencing and Open Banking), Mastercard via Optimus Cards (debit cards), the Post Office Banking Framework (cash access across 11,500 branches), and accounting platforms including Xero. As of end-2022, the platform served 35+ credit unions with 1.2 million accounts, 25.1 million unique logins, 469,000 loan applications totaling over £900m, and 2.2 million faster payments totaling £366m.

The company's core product is modular, centered on the Incuto Platform with add-on modules including Member Area/MemberHub, Mobile App, Buzz communications, Loan Decisioning/ALD, Incuto Hub (back office), Virtual Accounts, Confirmation of Payee, and Prize-linked Savings. Incuto monetizes via a pure transaction-based pricing model with no license fees, no minimum volumes, no setup fees, and no tie-ins — explicitly designed to minimize barriers to entry for smaller credit unions. The company holds FCA registration as a Small Payment Institution (FRN 917341), making it the first company to take a regulated position enabling real-time payments for all lenders regardless of size. Notable partnerships include Experian (price comparison website distribution and Open Banking), HM Treasury (sole technology partner for the prize-linked savings scheme spanning 15 credit unions), and a March 2025 landmark partnership with Omnio Sercle for cross-platform integration. The company is venture-backed with over £2.5m raised as of November 2020 and is led by co-founder and CEO Andrew Rabbitt alongside a senior team including CTO Jennifer Anderson, CFO Dominy Hope, and CCO Dougal Scott.

Name

Incuto

Legal name

incuto Limited

Website

https://incuto.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Incuto is a UK-based cloud banking platform founded in 2016 that enables credit unions, community banks, and CDFIs to operate as challenger banks. It provides digital banking, loan origination, automated decisioning, Faster Payments, and member services on a transaction-based pricing model with no license fees.

Ownership category

akta.pro rank

Product category

Banking Technology Platform

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK)

akta.pro secondary industries

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB)

Keywords

• Credit union software
• Banking technology platform
• Loan origination system
• Faster payments integration
• Community lending technology

Headquarters

HQ city

Ilkley

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Transaction-based fees: Per-transaction pricing model charging fees for individual transactions including credit scores, SMS messages, payments, and other platform activities. No license fees, no support fees, no minimum volumes, and no tie-in contracts. This model minimizes barriers to entry for smaller credit unions.
2. Core Platform Services: Cloud-based technology platform providing member services, loan origination, payment processing, and back-office automation on a per-transaction basis

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Incuto provides a cloud-based banking technology platform that enables UK credit unions, community banks and CDFIs to operate digital banking services, loan origination, automated lending decisions, real-time payments (Faster Payments, Direct Debits, virtual accounts) and member communications. The platform is sold on a per-transaction basis with no licence fees, setup fees or minimum volumes, integrating with partners including ClearBank, Experian, TransUnion and Mastercard.

Product overview

incuto is a cloud-based fintech platform for credit unions and community lenders, offering a modular architecture centered on its core platform that provides digital banking, loan origination, and member management capabilities. The platform integrates with key partners including ClearBank (Faster Payments, Direct Debits, Virtual Accounts), TransUnion and Experian (credit referencing and Open Banking), and Mastercard/Optimus Cards (debit cards). Key modules include: Loan Decisioning/ALD (automated lending decisions), Member Area/MemberHub (online banking portal), Buzz (marketing communications), Incuto Hub (back-office platform with Xero integration), Mobile App, and Loan Comparison Websites integration. Additional services include Payroll Partners, Benefits Checker, Analytics, and the PrizeSaver/prize-linked savings scheme backed by HM Treasury. The company charges per-transaction with no licence fees or tie-ins.

Differentiator

Problem solved

Functional benefit

Brands

• incuto Academy: Complete guide to understanding, configuring, and getting the most out of the incuto platform.
• Buzz
• MyCredit
• Prize Saver

Products and services

• Incuto Platform (Core) Cloud-based core banking technology platform for credit unions, community banks and CDFIs offering 24/7 member account access, loan origination, automated decisioning, digital member services and back-office automation.
• Faster Payments Real-time payment processing for credit unions via ClearBank, enabling instant fund transfers 24/7 with fixed low-cost per-transaction pricing.
• Direct Debits Direct Debit collection capability provided via ClearBank, with incuto acting as accredited Facilities Manager, enabling smaller credit unions to offer automated loan repayment collection.
• Buzz Member Communications Automated marketing and member communications platform with intelligent data monitoring and targeted messaging; reported up to 65% unique open rate and 15-20% click-through rate for loan applications.
• Benefits Checker Tool helping credit union members identify and access government benefits they may be entitled to, supporting financial inclusion.
• Loan Comparison Websites Integration Integration with Experian's loan comparison services enabling credit unions and CDFIs to appear on mainstream price comparison websites, reaching consumers searching for loans online.
• Incuto Hub (Back Office Platform) Complete back-office platform replacing legacy credit union systems, with loan management, accounts platform, Member management toolkit, marketing functionality, product builder, auto-decisioning, and Xero accounting integration.
• MyCredit Financial education tool powered by TransUnion that helps credit union members understand and manage their credit score, including simulation of how changing circumstances affect their score.
• PrizeSaver Scheme Prize-linked savings product spanning multiple credit unions, backed by HM Treasury, offering up to £5,000 in cash prizes each month to savers as part of a two-year pilot.

Quantifiable outcome

• Cost per search reduced by almost 50% with Automated Lending Decisions technology
• +6 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability3 records

Feature12 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Omnio SerclecoreStrategic or Co-development Partner · 5 March 2025Landmark partnership combining market-leading strengths to reshape how credit unions deliver banking services. Provides seamless cloud-level integration between Omnio Sercle's and incuto's platforms, delivering a unified solution for credit union clients. Collaboration focused on driving digital innovation, compliance at the core, and shaping the future together through a roadmap to digitise and automate credit unions.
• Post OfficecoreChannel Partner/ Reseller/ Distributor · 24 June 2020Partnership with Post Office Banking Framework enables credit union members to access cash withdrawals and banking services across 11,500 Post Office branches nationwide. Initially launching Payout NOW! service with first 10 payments free.
• ClearBankcoreTechnology or Integration · 11 March 2020Cloud-based clearing bank partnership providing real-time Faster Payments, Direct Debit collection, and virtual banking services. Enables credit unions to offer instant fund transfers, issue bank account details to members, and automatic payment reconciliation.
• HM TreasurycoreStrategic or Co-development Partner · 8 July 2019incuto named sole technology partner for HM Treasury's two-year pilot of prize-linked savings scheme for credit unions. Scheme designed to boost awareness and membership of credit unions with cash prizes to savers. 15 credit unions participating in pilot.
• Wayra / Telefónica Open FutureminorGTM or Marketing Partner · 8 February 2018Accelerator programme participation with global corporate entrepreneurship network supporting over 1,400 companies worldwide, supported by Big Society Capital, The Joseph Rowntree Foundation, and Fair By Design Fund.
• ExperiancoreTechnology or IntegrationPartnership with Experian enables credit unions to access not-for-profit community lenders through Experian's comparison services and provides Open Banking integration for credit application evaluation. Also enables price comparison website visibility for credit unions.
• TransUnioncoreTechnology or IntegrationGround-breaking commercial contract with TransUnion (previously Call Credit) for credit reference data. Enables credit scoring, ID verification, and credit bureau checks for automated lending decisions. 3-way partnership with Bud and Monevo providing competitive advantage to credit unions.
• MastercardcoreTechnology or IntegrationCommercial partnership enabling debit card services for credit union members, part of incuto's strategy to provide comprehensive banking capabilities.
• Credit CanaryminorGTM or Marketing PartnerMarketing and partnership collaboration supporting credit union sector growth.
• GoodWithminorGTM or Marketing PartnerPartnership collaboration with fintech company supporting sector initiatives.
• Responsible FinanceminorGTM or Marketing PartnerTrade body membership for CDFIs within the United Kingdom, providing networking and industry representation.
• Fintech NorthminorGTM or Marketing PartnerPartnership showcasing innovative fintech propositions at incuto annual conference.
• LifeSaversminorStrategic or Co-development PartnerFinancial education initiative connecting primary schools with credit unions, sponsored by Archbishop of Canterbury. incuto built the technology behind the school savings platform.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• FIS: Large incumbent financial technology provider offering core banking, lending, payments and digital channels. Comparable to Incuto as both supply banking technology stacks to deposit-taking institutions, with FIS covering a much broader portfolio while Incuto is focused on credit unions and community lenders.
• Temenos: Established core banking software vendor serving banks globally, including community and cooperative lenders. Comparable to Incuto as both provide core banking and digital servicing technology to deposit-taking institutions, though Temenos is a broad incumbent targeting tier-1 banks while Incuto is purpose-built for credit unions.
• Starling Bank: UK digital challenger bank with proprietary technology, Banking-as-a-Service arm and a partnership with Incuto. Comparable to Incuto as both target modernisation of UK financial services with cloud-native platforms, though Starling is itself a licensed bank while Incuto serves as the technology layer for credit unions.

Others

• ClearBank: UK clearing bank providing real-time payments, virtual accounts and BaaS infrastructure. Comparable to Incuto as both serve as critical infrastructure layers enabling digital banking for challenger institutions, with ClearBank as a key underlying partner powering Incuto's Faster Payments and virtual accounts.

Direct peers

• Tide: UK business banking platform built on embedded banking infrastructure, providing onboarding, payments, accounting integrations and lending tools. Comparable to Incuto in delivering a cloud-based, partner-powered (ClearBank) banking experience to underserved segments, though focused on SMEs rather than credit unions.
• 10x Banking: Cloud-native core banking platform serving challenger and established banks in the UK and internationally. Comparable to Incuto as both sell modern core banking technology to regulated UK financial institutions, with overlap around digital account services and API-led architecture.
• Mambu: SaaS core banking and lending platform enabling banks, lenders and fintechs to build deposit, loan and payment products. Comparable to Incuto in providing modular banking-as-a-service infrastructure to deposit-taking and lending institutions, with overlapping functionality around loan origination and account services.
• Thought Machine: Cloud-native core banking platform providing ledger and product engines to challenger and incumbent banks. Directly comparable to Incuto as both sell modern core/account infrastructure to regulated deposit-taking institutions, though Thought Machine focuses on tier-1 banks while Incuto targets credit unions.

Emerging players

• Allica Bank: UK community-focused digital bank serving SMEs and underserved borrowers. Comparable to Incuto as both address financially underserved UK populations with modern technology and partner-driven infrastructure, though Allica is a chartered bank while Incuto supplies the technology platform to non-bank community lenders.
• Bud: UK open banking and data platform partnered with TransUnion and Incuto to provide financial data and analytics to lenders. Comparable to Incuto as both operate in the UK lending technology stack with credit data and Open Banking integrations, with overlapping partner relationships in the credit union ecosystem.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/incuto_uk
• LinkedInlinkedin.com/company/incuto

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds5 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Incuto