10057584Development of Open-Finance enabled AI AlgorithmClosedCollaborative R&DInnovate UK_With inflation hitting a 40-year high of 10.1% (09/2022), the cost of living crisis is a daily reality for many UK households, millions of whom are already experiencing affordability issues. 60% of UK adults are struggling to keep up with their bills, and 4.2m have missed a bill or credit repayment in 3 of the past 6 months._ _For those that can make bill repayments, the question turns to saving, where 41% don't have enough savings to live for a month without income, and 9% have no savings at all._ _In spite of this, 89% of UK adults have never used a third-party-provided Open Banking product to help them manage their money, citing security concerns, unfamiliarity with the technology and a lack of high-quality, available options. Of those who have used a third party savings product, 83% say they saved more than they think they would have on their own._ _Lumio is here to change this. We believe everyone deserves the same level of personalised money management, regardless of background and circumstances. Our vision is a world in which everyone has the financial security and peace of mind to decide their future. We are on a mission to become the most personalised finance app for people to control and grow their money._ _We have already launched the Lumio app, a free hyper-personalised finance app that helps consumers track all their balances, bills, and investments, and optimise their savings on auto-pilot. Since launching our free app in February 2020, we have reached 34,700 users and 100,000+ connected accounts, analysing data from £1.5BN transactions. Customers are up nearly 400% and daily use up 216% in 12 months._ _With Innovate UK funding, we will develop a market-leading machine learning and natural language processing algorithm that will make the optimal recommendation for how our users should allocate their money, accounting for their personal circumstances and goals in a way that is not currently possible without the help of prohibitively expensive financial advisors._