British digital financial savings and mortgage platform Tembo has secured €16.8 million ($17.8 million) in a Sequence B funding spherical, aiming to develop its companies and sort out the continued affordability challenges within the UK’s housing market.
This newest funding brings the corporate’s whole funding to €24 million ($25.5 million).
The funding spherical was led by Goodwater Capital, a world enterprise capital agency specializing in client expertise investments.
Present buyers, together with Aviva, Ascension Ventures, Love Ventures, and McPike Household Workplace, additionally participated, signaling continued confidence in Tembo’s mission and enterprise mannequin.
Based in October 2020 by Richard Dana, Eddie Ross, and Geoff Wright through the top of the COVID-19 pandemic, Tembo was established to make homeownership extra attainable for first-time consumers and people going through monetary hurdles.
The platform affords entry to over 100 lenders, 10,000 mortgage merchandise, and 25 bespoke schemes, equivalent to Revenue and Deposit Enhance household mortgages, that are designed to reinforce borrowing potential and deposit sizes by way of household help.
With the brand new capital, Tembo plans to scale its financial savings app and introduce modern mortgage schemes tailor-made to the wants of contemporary consumers.
The corporate intends to launch aggressive financial savings merchandise to help prospects in constructing deposits extra successfully, strengthening its place as a go-to answer for debtors navigating a difficult property market.
Over the previous 12 months, Tembo has facilitated dwelling purchases for 4,000 first-time consumers and supported 35,000 customers in initiating their deposit financial savings journey.
Its Lifetime Particular person Financial savings Account (ISA) affords market-leading rates of interest, serving to prospects save for his or her first property or different long-term monetary targets. The platform combines superior expertise with personalised recommendation, aiming to maximise affordability and empower customers to realize homeownership.
Goodwater Capital’s funding is predicted to speed up Tembo’s progress trajectory. The enterprise capital agency’s deal with consumer-centric firms aligns with Tembo’s mission to supply modern, customer-focused options that tackle affordability points within the housing sector.
The collaboration is poised to drive important optimistic change within the UK property market.
Tembo’s present buyers have reiterated their help by taking part within the Sequence B spherical. Insurance coverage big Aviva and enterprise capital corporations Ascension Ventures, Love Ventures, and McPike Household Workplace have all contributed extra capital.
The corporate’s future plans embrace additional solidifying its place as a key participant for debtors and persevering with to introduce merchandise that tackle the evolving wants of customers. The corporate’s efforts are notably important within the present financial local weather, the place conventional pathways to homeownership are more and more out of attain for a lot of.
