UK-based personal finance platform Creditspring has raised £2m in its funding round led by BDT Capital’s Chip Dunn leading the investment.
Following the deal, Dunn will join the company’s board as a non-executive chairman. In this role, he will work with the company through its development.
Alongside the raising of capital, Creditspring is launching an advisory board with industry experts. FinTech entrepreneur Brian Norton, MIT microeconomics professor Parag Pathak and Credit Suisse Managing Director Jason Wortendyke make up this new board.
Founded in 2016, the company helps people with the financial management to ensure there is a safety net when an emergency expense is needed. Creditspring gives people access to affordable, simpler and safer loans, to ensure peoples budgets are not affected by an unexpected spending.
The company has applied to the FCA for full permission for consumer credit. Early next year, Credispring will release more details as well as launch its first product.
Equity from this financing round will be used to support product development, team expansion and its market launch.
Creditspring founder Neil Kadagathur said, “What do you do when the fridge breaks, the MOT bill is bigger than expected or your child has an unexpected school trip? For too many people, it’s a very narrow and very scary list of options. We’re building a product to change that.”
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