Triple Point has originated a £20m senior revolving credit facility, with a potential £30m uncommitted accordion, to open banking-backed consumer lender Plend, marking its first transaction in consumer lending.

UK-based Plend will use the facility to refinance its existing funding line and fund new originations, as it continues to scale its lending platform.

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Rather than relying on traditional credit scores to lend to consumers, Plend uses a proprietary open banking-enabled credit scoring system to assess affordability based on an individual’s real financial circumstances, to serve creditworthy near-prime borrowers who are often overlooked by traditional high street lenders.

The investment manager, which specialises in private markets, said Plend’s focus on financial inclusion and responsible lending “aligns closely” with its own values and investment approach.

Triple Point and Plend are both certified B Corporations.

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“Backed by a high-quality management team and investors, Plend is well positioned for its next stage of growth,” said Ellis Diamanti, head of specialty finance, private credit at Triple Point. “We are delighted to be partnering with the business and supporting its ambitions. The facility also marks our first transaction in consumer lending, reflecting our conviction in Plend’s platform and the opportunity to support responsible access to credit.”

James Pursaill, founder and chief executive of Plend, added: “This partnership will give thousands more people access to credit that traditional lenders overlook, while continuing to build the kind of fair, transparent lending that’s long overdue in this market. Partnering with a team like Triple Point, who share that conviction, makes this a genuinely exciting time for Plend.”

Triple Point’s speciality finance team has completed a number of similar facilities over the past year.

The firm manages approximately £2.5bn across private credit, clean heat, energy transition, social housing and ventures.

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