back Back

Plend announced a pre-seed investment round of £700,000

By Joy Dumasia

September 07, 2021

Share

Plend, the UK’s first social lending marketplace, has secured £700,000 of investment from early-stage VC’s Tomahawk, Ascension, and Haatch and backing from NBS Ventures, a part of Nationwide Building Society’s Incubator.

The investment will be used to disrupt the £24 billion consumer lending market and bring affordable loans to 13 million people in the UK with unreliable, inaccurate or non-existent credit files who are virtually invisible to traditional financial credit scoring systems and therefore vulnerable to economic hardship and exclusion.  

Plend’s ground-breaking use of Open Banking technology to securely access a person’s bank transaction history gives it a unique understanding of their finances. This means more insightful, informed and personalised lending decisions. Plend’s innovative approach will enable retail investors to become ‘Lending Heroes’ by funding loans to us, part of the 13 million locked out from affordable credit. Plend is the only platform in the UK that allows everyday investors to back people directly, making faceless portfolios a thing of the past.

Rob Pasco, CEO and co-founder of Plend, said: “We’re on a mission to personalise credit scoring and create a fairer way to assess creditworthiness. By making smarter lending decisions based on a person’s actual behaviour and current financial position, we will be giving financial independence to millions of people currently excluded from life-changing loans. I’m one of the ’13 million’, and I have a deeply personal experience with the blunt instrument that is our current outdated and odious credit scoring system. This investment is a big step towards creating a world where everyone is treated fairly and can access affordable finance.”  

James Pursaill, CTO and co-founder of Plend, added: “Financial wellbeing is crucial to living a happy and healthy life. Whether you’re young or retired, returning expat or immigrant, unbanked or just trying to make ends meet, we’re determined to better understand your financial situation and offer a more affordable loan so you can get on and do more with your life. We’re also excited to be building a community of retail investors who want their money to have an impact and make a real difference to people’s lives.”

Previous Article

September 07, 2021

Signzy expands global leadership team to fuel business growth

Read More
Next Article

September 07, 2021

TrueLayer appoints Mariko Beising as the Head of Payment Partnerships

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 19, 2024

Ecommpay & Mastercard partner to deliver Click to Pay in Europe

Read More

July 19, 2024

LTIMindtree extends multi-million-dollar contract with Absa Bank

Read More

July 19, 2024

Sopra Banking Software partners with Finom

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024