London-based digital savings and mortgage platform Tembo has raised £14 million in a Series B funding round led by Goodwater Capital, with participation from existing investors including Aviva, Ascension Ventures, Love Ventures, and the McPike Family Office. This latest round brings Tembo’s total funding to £20 million.
Launched in October 2020 during the pandemic by Richard Dana, Eddie Ross, and Geoff Wright, Tembo aims to increase homeownership access for first-time buyers and individuals facing affordability challenges.
Tembo’s proprietary decisioning and affordability technology offers users instant comparisons of costs and options across over 100 lenders, 10,000 mortgage products, and 25 bespoke mortgage schemes. These include innovative solutions like Income and Deposit Boost family-mortgages, helping borrowers uncover their true affordability.
In addition to its mortgage services, Tembo has introduced a savings app focused on assisting users in saving for property deposits and future financial goals via the Tembo Lifetime ISA. Over the past year, the platform has supported 4,000 first-time buyers in purchasing homes and enabled 35,000 future buyers to start saving for deposits.
The new funding will accelerate the growth of Tembo’s savings app, launch new product lines, and expand mortgage schemes to cater to a broader range of customers.
Richard Dana, co-founder and CEO, remarked:
“We founded Tembo to help make homeownership happen for the hundreds of thousands of people locked out of the UK property market. Over the past year, we’re proud to have helped thousands of first-time buyers achieve their dream of homeownership, often when they thought it was impossible.”
News Source:eu-startups，This article does not represent our position.
