Plend announced a pre-seed investment round of £700,000
By Joy Dumasia
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 I’m one of the ’13 million’, and I have a deeply personal experience with the blunt instrument that is our current outdated and odious credit scoring system.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.”