MoneyPlus secures funding from OakNorth Bank amid demand surge
By Gloria Methri
OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, has provided a loan upsize to UK-based consumer debt advice platform MoneyPlus.
Founded in 2010 and headquartered in Manchester, MoneyPlus provides advice and support to heavily indebted consumers to get their finances and credit profiles back on track. The firm’s advisers negotiate with lenders to achieve reductions in customer debts which are subsequently addressed through fully budgeted monthly repayment plans.
In September 2022, MoneyPlus received a £6.5 million loan from OakNorth which enabled the business to scale up its operations to manage the growing demand for its services amidst the cost-of-living crisis. The upsized funding line from OakNorth will further accelerate MoneyPlus’ growth by powering its latest customer and talent acquisition programs.
Chris Davis, CEO and co-founder of MoneyPlus, said, “At MoneyPlus, our services have helped to make life less complicated and expensive for thousands of people since our launch over a decade ago. As we continued to see heightened demand for our services in 2023, we knew we could turn to Stewart and the team at OakNorth once again to provide us with the capital we needed. The speed at which they worked was key to getting the transaction over the line, meaning we are now perfectly positioned to support more people get themselves into a better financial position. ”
Stewart Haworth, Director of Debt Finance at OakNorth Bank, added, “As individuals and families across the UK continue to struggle with the cost of living and a high inflationary environment, the services that firms such as MoneyPlus offer become even more vital. As a result of its proven management team led by Chris and his senior partners, we were delighted to once again provide funding to support the group’s ambitious growth strategy. Looking forward, MoneyPlus is in a strong position to help more consumers to relieve the financial baggage and we look forward to supporting them again in the future.”
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