Tembo has raised £14m in a Series B funding round, which the savings and mortgage platform will use to boost its services.
The firm says it will use the cash to expand its savings app and launch new product lines.
It adds it will “further strengthen” its mortgage proposition, “introducing new schemes to support a wider variety of customers to boost their affordability”.
The funding round was led by Goodwater Capital and also included the platform’s existing investors, such as Aviva, Ascension Ventures, Love Ventures and the McPike family office. It brings the company’s total funding raised to £20m.
The business was co-founded by Richard Dana, Eddie Ross and Geoff Wright in 2020 and employs 85 staff.
It has access to over 100 lenders and 10,000 home loan products as well as 25 bespoke schemes, such as a specialist range of Income and Deposit Boost family-mortgages.
Tembo chief executive Richard Dana says the move “will enable us to rapidly expand our savings platform, launching competitive products that will enable our customers to save and invest more as they build their deposit”.
Goodwater Capital partner Edward Robinson adds that the platform’s “cutting-edge technology with customer-focused solutions” has allowed the firm to “rapidly grow to help thousands of first-time buyers achieve what once seemed impossible”.
