UK credit technology platformFinternhas raised £8 million in its latest funding round. The investment brings the company’s totalcapital raised to £40 million.
The round was led byHambro Perks, an international investment firm focused on private investing. It also saw the participation of an equity investment from its primary debt provider,Varengold Bank, and other high-net-worth individuals. The proceeds from the investment will be used to enhance the startup’s presence in the U.K., build its team and launch its first B2B partnerships.
There is more data available today than ever before. However, most lenders still base their decisions on a credit scoring system developed in the 1950s. This leaves over 15 million people in the UK facing unnecessarily high borrowing costs and unsuitable credit products. Since launching its consumer lending product in March 2021, the platform is on a mission to expand access to affordable credit.
Gerald Chappell, CEO and Co-founder at Fintern, said: “Our next generation consumer credit technology is delivering significantly improved outcomes for consumers, and I’m excited to see this impact through our own lending, and through the technology we provide to our partners.”
Michelle He,COO and Co-founder at Fintern, said: “As we emerge from the pandemic, the platform is now more relevant than ever for those who seek financial stability and support. We’ve achieved a lot, but there is more to be done, and I am grateful to be part of a team who work tirelessly to make our product even better.”
George Davies, Partner at Hambro Perks, said: “Not only does Fintern provide fair lending products for consumers in a way that is crucial and missing in our society, but they have built a platform that is truly effective and unparalleled in the market.”
The company has processed more than 50,000 loan applications and proved that this affordable alternative works.
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