UK lendtech start-up Plend lands £40m in seed funding
London-based ethical lendtech Plend has raised £40 million in seed funding. The investment will be used to help scale the business into 2023, focusing on the acquisition of new customers via new partnerships.
Plend lands £40m in seed funding
The seed round saw participation from new investors Active Partners, Velocity Juice and Sivo as well as the founders of Monzo, Starling Bank and Oodle Car Finance.
Existing pre-seed investors Ascension, Tomahawk VC, DD Venture Capital and Haatch also participated.
Plend is seeking to broaden financial inclusion through “truly affordable” loans, leveraging open banking to create a Plend Score and help those “locked out” of traditional credit.
The firm, the UK’s first pending B Corp consumer lender, says it has processed more than £40 million worth of loan applications since its launch in July this year.
The lendtech has helped 70% of its customers restructure their debt and launched its first embedded “green finance” product this year, helping customers with low interest loans to purchase solar panels and heat pumps via a partnership with MakeMyHouseGreen.
