Mortgage Platform Tembo Puts Stamp On £16m Fundraising - Beritaja

A integer savings and owe level which counts Starling Bank's biggest shareholder among its backers has secured much than £15m successful backing to thief much aspiring homeowners get onto the spot ladder.

Beritaja understands that Tembo, which was founded conscionable complete 5 years ago, will denote connected Thursday that it has secured the money successful a information led by caller investor Gresham House Ventures.

The McPike Family Office, which is the largest investor successful Starling Bank, 1 of Britain's about salient neobanks, besides participated successful the round.

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Other investors successful Tembo see Aviva Investors, Goodwater Capital, Love Ventures, Ascension and the British Business Bank.

Tembo was founded by Richard Dana, Eddie Ross and Geoff Wright during the Covid pandemic pinch the nonsubjective of expanding entree to location ownership for first-time buyers and group facing affordability issues.

The institution said its savings limb had grown tenfold past year, reaching £3bn successful assets nether administration.

It counts much than 100 organisations, including Aviva and Saga, arsenic partners, embedding owe guidance and affordability-boosting ideas into their integer personification experiences.

The institution precocious launched HomeSaver, a mixed savings and owe merchandise offering customers a apical complaint of 5.24% connected their savings erstwhile they usage its integer owe proposal work to bargain aliases remortgage their home.

Tembo, which did not disclose its valuation successful its latest backing round, claims to beryllium connected way to person a 20% marketplace stock of the UK first-time purchaser marketplace wrong 2 years.

"This finance is simply a awesome milestone for Tembo arsenic we proceed building a level that doesn't conscionable thief group find and unafraid a mortgage, but puts them genuinely successful power of their travel to homeownership, from the first lb they prevention to the time they get the keys," said Richard Dana, Tembo co-founder and main executive.

Rohit Mathur, an finance partner astatine Gresham House, said: "Home ownership successful the UK has go 1 of the hardest financial milestones to reach, contempt a £1.6 trillion owe market.

"Home buyers, particularly first-time buyers, are expected to prevention more, faster, while navigating an progressively analyzable owe landscape."