Digital mortgage platform Tembo has raised £5m in a funding round, as it looks to bolster its instant comparison technology.
The investment was backed by FinTech-focused investor Love Ventures and the McPike Family Office. This is the first time both of these firms have invested into Tembo.
Aviva Ventures and Ascension Ventures, which are both existing investors in Tembo, also joined the round.
This capital injection will help Tembo further the development of its technology, providing users with an instant comparison of affordability and costs for all the available options and buying schemes to help them buy or remortage their home. This includes family mortgages, which leverage income, property equity or savings to boost affordability. Other options are specialist part buy, part rent and shared ownership schemes for those without family or friend support.
Funds will also be used to bolster its strategic partnerships with wealth managers, house builders and lenders, including Barratt Homes and Aviva.
Tembo is a UK-based digital mortgage platform that offers a one-stop-shop for available mortgage schemes open to customers. Its platform searches over 100 lenders and schemes to find the best options for customers, detailing metrics such as max borrowing, live interest rates and monthly repayments.
Commenting on the investment, Tembo CEO and founder Richard Dana said, “We’re delighted to have the ongoing support of such incredible investors – who bring with them expertise and insight into property, mortgages and intergenerational wealth. This investment gives us the resources to continue to help thousands more customers fulfil their dreams over the coming years.”
In other PropTech news, Proprli, a platform that enables property and asset managers to manage their real estate portfolios while complying with ESG objectives, recently secured £600k. Its platform streamlines property & project management, procurement, and capital management.
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