London-based digital savings and mortgage platform, Tembo, has raised £14m in a Series B funding round led by Goodwater Capital.
Existing investors Aviva, Ascension Ventures, Love Ventures, and McPike Family Office also participated in the round, bringing Tembo’s total funding to £20m, according to Finextra.
Founded in October 2020 during the pandemic by Richard Dana, Eddie Ross, and Geoff Wright, Tembo’s mission is to increase access to homeownership for first-time buyers and those facing affordability challenges.
The company’s proprietary technology offers an instant comparison of affordability and costs for various purchasing options and government schemes, simplifying the home-buying or remortgaging process.
Tembo provides access to over 100 lenders, 10,000 mortgage products, and 25 bespoke schemes, including family-oriented solutions like Income and Deposit Boost mortgages. Recently, it launched a savings app to help customers save towards property deposits through the Tembo Lifetime ISA.
The fresh capital will be used to scale its savings app, develop new mortgage schemes, and launch additional product lines to cater to a broader range of customers.
Tembo has made a significant impact, helping over 4,000 first-time buyers purchase their first home in the last year alone. Additionally, its Lifetime ISA has supported 35,000 future homeowners in starting to save for deposits.
Tembo CEO Richard Dana said, “We founded Tembo to help make homeownership happen for the hundreds of thousands of people who have been locked out of the property market in the UK. Over the past year alone, we’re proud to have helped thousands of first-time buyers buy their own home, often when they thought it was impossible.”
This latest funding round highlights the growing confidence in Tembo’s mission and innovative solutions.
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