Amplifi Capital has landed a significant investment of $50m from M&G to boost growth in the UK’s credit union sector.
The innovative technology deployed by Amplifi Capital has been a game-changer for the UK’s credit union sector, the firm claims. As a credit broker, Amplifi Capital has assisted credit unions in issuing savings and loan products to over 100,000 UK customers. These efforts have led to an impressive loan book of more than £350m.
Launched in 2018, Amplifi Capital’s FinTech platform, My Community Finance, has collaborated with two of the fastest-growing credit unions in the UK. It has enhanced thousands of credit union customer experiences with its superior technology platform. The mission of Amplifi Capital is clear: to facilitate access to credit products for the estimated 20 million consumers in the UK who are underserved by high-street banks.
This new financial backing from M&G is set to catalyse Amplifi Capital’s ambitions to drive credit union growth in the UK. By positioning credit unions as a viable alternative for savers and borrowers, Amplifi Capital aims to empower more consumers with access to affordable credit products. Future plans include the introduction of credit cards and car loans, products that often remain inaccessible to many underserved households.
Vincent Charles-Gervais, ABS portfolio manager, M&G Investments, lauded the mission of Amplifi Capital, stating, “M&G is pleased to have supported Amplifi Capital’s mission to provide affordable credit to underserved communities in the UK. We firmly believe that Amplifi Capital’s innovative credit approach will have a significant influence on the credit union sector in the UK, and we eagerly anticipate the company’s ongoing success.”
CEO of Amplifi Capital (U.K.) Limited, Tobias Gruber, shared his excitement over the new investment, saying, “We’re thrilled to receive the backing of M&G as we continue to expand our operations and enhance our product offerings. With this investment, we will extend our support of the credit union sector in the UK, helping it to reach its full potential.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global