Digital mortgage platform, Tembo, has announced that it has secured £5m of new investment, after welcoming two new investors to its latest funding round.

Specialist fintech investment fund, Love Ventures, as well as the McPike Family Office, which has made several UK investments including Starling Bank and Acre Platforms, provided new funds ti Tembo.

Existing investors Aviva Ventures and Ascension Ventures both also invested again into Tembo as part of the round.

Tembo said the new investment will be used primarily to continue develop its proprietary, decisioning and affordability technology, which provides users with an instant comparison of affordability and costs for all the available options and buying schemes to help them buy or remortgage their home.

The mortgage platform also revealed it will invest in growing its strategic partnerships with a range of trusted wealth managers, house builders and lenders including Barratt Homes and Aviva.

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 inter-generational wealth. This investment gives us the resources to continue to help thousands more customers fulfil their dreams over the coming years.”

He added: “The market for the unaffordables is continuing to grow, as large swathes of the population have been locked out of homeownership.

“Owning a home is still a dream and aspiration for so many people but the existing market is not set up to help those who are unable to save a deposit or meet affordability on a standard mortgage.

“Over 80% of the customers that we have helped to date have been turned down by a lender or mortgage broker before they reach us. Many customers who would otherwise be trapped in a rental cycle without the support of our products end up paying less money each month for their mortgage than they do for their rent.”

Share Story: