Plend raised £40 million
Plend has closed a £40 million seed funding round with new investors including Leon & Soho House backers Active Partners, and Velocity Juice, Sivo and the founders from Monzo, Starling Bank and Oodle Car Finance.
Founded in 2020, Plend is a consumer lender on a mission to better understand people who, up until now, have been ignored or exploited by mainstream credit solutions. Over the last two years, it has built and tested the PLEND Score®, a proprietary lending model that enables people to access credit at affordable rates in the UK.
“This new round of funding caps off an amazing year for Plend. Since launching our first affordable credit product to consumers this year, we have been able to help so many people get access to the money they need to get on with their lives at affordable and fair rates. We are thrilled to be working with our newest investment partners to provide a truly ethical alternative to the broken credit scoring system that locks so many people out of the market, especially during these times of economic turbulence and rising interest rates.” – Rob Pasco, CEO and Co-founder of Plend.
The investment will be used to help scale the business into 2023, focusing on acquisition of new customers via new partners and reaching new audiences who find themselves excluded from the current credit system.
Bottom Line: Following its launch in July 2022, over £40 million of loan applications have been processed through the Plend lending platform.