British digital financial savings and mortgage platform Tembo has secured €16.8 million in Sequence B funding, bringing its complete funding to €24 million.
The spherical was led by Goodwater Capital, with participation from current traders together with Aviva, Ascension Ventures, Love Ventures, and McPike Household Workplace. The funds will assist Tembo increase its choices, scale its financial savings app, and introduce new mortgage schemes to deal with affordability challenges within the UK housing market.
Richard Dana, CEO and Co-founder of Tembo, acknowledged: “We based Tembo to assist make homeownership occur for the a whole bunch of 1000’s of people that have been locked out of the property market within the UK. Over the previous 12 months alone, we’re proud to have helped 1000’s of first-time consumers purchase their very own house, typically after they thought it was unattainable. As one of many world’s largest client centered traders, Goodwater’s mission is to allow companies that may convey optimistic change to the world. We’re delighted to have such an skilled workforce onboard alongside our current traders, as we proceed in our mission to make house occur, towards the percentages. Goodwater’s help will allow us to quickly increase our financial savings platform, launching aggressive merchandise that may allow our clients to avoid wasting and make investments extra as they construct their deposit. Plus, we’ve got plans to additional solidify our positioning available in the market because the go-to participant for locating a approach for debtors.”
Tembo was co-founded by Richard Dana, Eddie Ross and Geoff Wright in October 2020 on the peak of the pandemic. Tembo goals to make homeownership extra accessible for first-time consumers and people going through monetary constraints. The platform affords entry to over 100 lenders, 10,000 mortgage merchandise, and 25 bespoke schemes, together with its Earnings and Deposit Increase household mortgages. In keeping with Tembo, their Lifetime ISA offers market-leading charges to assist clients save for his or her first property or different monetary targets.
Over the previous 12 months, Tembo has enabled 4,000 first-time consumers to buy houses and supported 35,000 customers in beginning their deposit financial savings journey. Its platform combines cutting-edge know-how with tailor-made recommendation, aiming to empower customers to maximise affordability and realise their homeownership goals.
Edward Robinson, Companion at Goodwater Capital, commented: “Goodwater Capital is thrilled to help Tembo’s distinctive workforce, whose innovation is reworking entry to house possession within the UK. By combining cutting-edge know-how with customer-focused options, Tembo has quickly grown to assist 1000’s of first-time consumers obtain what as soon as appeared unattainable. We’re proud to associate with such a fast-scaling enterprise as they proceed to steer in bringing affordability and alternative to the housing market.”