Plend secures £40m from new and existing investors
Peer-to-peer lender Plend has secured a new £40m investment from a series of new and existing investors.
The funding will be used to fuel the platform’s growth in 2023 and aid its mission to end financial exclusion.
New investors include Leon and Soho House backers Active Partners, as well as Velocity Juice, Sivo and the founders from Monzo, Starling Bank and Oodle Car Finance.
Existing pre-seed investors Ascension, Tomahawk Venture Capital, DD Venture Capital and Haatch have also contributed to this seed funding round.
Rob Pasco (pictured), chief executive and co-founder of Plend, said that the new round of funding caps off “an amazing year”, which has seen the platform win Financial Conduct Authority approval, and launch its consumer lending platform.
Since its launch in July 2022, more than £40m of loan applications have been processed through Plend’s consumer lending platform and the loan book is increasing by 20 per cent month on month.
Read more: Plend partners with Lendology to improve financial inclusion
The platform also launched its first fully embedded ‘green finance’ product this year, which allows customers with low interest loans to purchase green energy installations such as solar panels and heat pumps via its partnership with MakeMyHouseGreen. It also became the first consumer lender in the UK to be awarded Pending B Corp status.
“Since launching our first affordable credit product to consumers this year, we have been able to help so many people get access to the money they need to get on with their lives at affordable and fair rates,” said Pasco.
“We are thrilled to be working with our newest investment partners to provide a truly ethical alternative to the broken credit scoring system that locks so many people out of the market, especially during these times of economic turbulence and rising interest rates.”
Nick Green, seed investor at Active Partners praised Plend’s innovative technology and mission of financial inclusion.
“We’re delighted to be investing in Plend,” Green said.
“With their innovative technology, they are creating a fairer lending environment and improving the lives of many consumers currently burdened with high-interest loans. Rob, James, and the team have impressed us with their passion, creativity and ambition and we look forward to supporting them in their next stage of growth.”
Read more: Plend targets £14m in lending this year