Plend has raised £40 million in a Seed Round since its launch in July 2022.
Plend is an ethical lending company that is trying to make the UK a more financially inclusive place and it has seen its loan application grow by 20 per cent in recent months.
They seek to make its lending platform more accessible, and less discriminating.
The company puts promoting a positive social impact at the forefront of its projects by using open banking technology to assess an applicant’s worthiness.
This is a salient issue in the UK since 1 out of 5 (11 million) people feel trapped in the financial system, lack resources, and are neglected by financial institutions.
To solve this pressing issue, Plend partnered with Ophelo a debt resolution company, which helped Plend better support indebted customers.
This partnership has been very beneficial since it aligned with Plend’s ethical project to properly resolve customers’ credit and debt issues giving customers personalised repayment plan options.
The partnership is also important as Plend had previously disregarded applications as they were only considering the past and limited data rather than focusing on the current financial situation of an applicant.
Moreover, it aims for even more growth and predicts that they will double their lending by the end of 2022 and wants to use this funding to develop the company even more to include applicants who have been rejected from the credit system.
‘Since the launching of our first affordable credit product to consumers this year, we have been able to help so many people get access to the money they need to get on their lives at affordable and fair rates.’
‘We are thrilled to be working with our newest investment partners to provide a truly ethical alternative to the broken credit scoring system that locks so many people out of the market, especially during these times of economic turbulence and rising interest rates’, commented Rob Pasco, Chief Executive Officer, and co-founder of Plend.
Plend has also created new partnerships with Monevo and ClearScore, Active Partners, a consumer-focused investment firm; Velocity Juice, a network of founders focusing on accelerating growth and Sivo, a debt as a service with an API company.
While also being financed by its pre-seed investors like Ascension, Tomahawk VC, DD Venture Capital, and Haatch who have doubled their commitments to Plend from the previous round.