Fintern raised £32 million in equity and debt funding

By Megha Bhattacharya

London-based startup Fintern has announced that it has raised £32 million in equity and debt funding. The equity funding comes from a variety of angels, including several FinTech founders and business leaders and debt financing will be provided by Hamburg-based FinTech financier Varengold Bank.

Gerald Chappell, Fintern CEO and Co-founder commented, “This fundraising puts Fintern in a strong position to deliver on our mission to increase access to affordable personal credit. Our distinctive data-driven approach to lending allows us to bypass credit scores, increase
approval rates and lower APRs. We’re delighted to be partnering with Varengold Bank on the funding of our loan book, benefiting from their deep experience and commitment to FinTech lending innovation.”

Fintern currently offers loans of £500-£5,000 for durations of up to three years with a variable APR of 18.8%. The funding is expected to provide Fintern with the capital necessary to take the first step in its mission to provide £1 billion of consumer loans by 2025. To apply for a loan, users will need to download the Fintern app (available on both iOS and Android), connect their bank account and select the amount they would like to borrow.

Alison Harwood, Head of Varengold’s London Branch, said, “We’re thrilled to be partnering with Fintern to provide wider access to affordable borrowing in the UK. This is another example of Varengold’s wider mission to support fintechs across Europe in providing
innovative, customer-centric lending products. Both Varengold and Fintern are passionate about changing the consumer lending landscape in the UK and we’re excited to be working together towards that goal.”