Coventry fintech startup Inicio AI wins £1.35m in ‘One To Win’ pitch competition

Inicio AI, a FinTech startup located in the West Midlands, has been awarded £1.35 million as the winner of the ‘One To Win’ pitch competition, held during Birmingham Tech Week’s Tech Awards. Established by TechWM to promote regional technology innovation, the ‘One To Win’ prize represents the UK’s largest single-pitch award, supported by sponsors including Rigby Group plc, SCC, Haatch, and the West Midlands Co-Investment Fund, managed by Midven as part of Future Planet Capital.

The four-month-long competition, which launched at London Tech Week, concluded with Inicio AI being selected as the most promising startup among 140 applicants. Its development, Budgie AI, is a virtual agent designed to offer consumers financial assistance, helping to eliminate the discomfort, stigma, and waiting times typically associated with seeking financial support through a human intermediary.

CEO and co-founder, Rachel Curtis of Ignicio AI commented: “I am completely overwhelmed and blown away for Inicio.AI to be named the recipient of the One To Win  prize. The £1.35M will truly change the game for us as a business – in fact, it’s officially closed our funding round; something that I feel excited, relieved, and so grateful to announce.

“This funding will allow us to accelerate our growth plans and bring our solution to so many people who need it that much more quickly. To receive this backing after the hard graft of the last three years, makes me feel immensely proud, and I can’t thank the judges enough for believing in us.”

The West Midlands finalists included two other startups: ChangeMaker3D, which uses 3D concrete printing technology to address material cost and carbon emission challenges, and Skyfarer, a company focusing on the deployment of drones, particularly in healthcare settings. These three companies pitched before a panel of judges that included Steve Rigby, CEO of Rigby Group plc; Charlie Weavers-Wright, B2B SaaS investor at Haatch; and Rupert Lyle, investment director at Midven.

Rigby added his congratulations to Inicio AI and expressed his optimism for the future accomplishments of the other finalists. “One to Win has shown that the West Midlands is home to some great entrepreneurial tech talent,” Rigby said, voicing hope that the competition’s success would inspire further investment and entrepreneurial activity in the region.

In addition to awarding the primary prize, One to Win is committed to providing support for other startups ineligible for the competition. TechWM aims to offer resources such as trade mission opportunities, investor introductions, mentorship, access to workshops, accelerator guidance, and corporate innovation programme links to bolster the region’s entrepreneurial ecosystem.