London-based fintech firm Tembo has successfully raised £14m.
- The funding aims to scale Tembo’s savings app and expand mortgage products.
- Tembo was founded in 2020, backed by Aviva Ventures.
- Tembo provides access to over 100 lenders and 10,000 mortgage options.
- The firm aims to assist first-time buyers in entering the housing market.
Tembo, a London-based fintech startup, recently secured £14 million in a significant funding round. The raised capital will be dedicated to scaling its savings application and expanding its mortgage product offerings. This strategic move comes as part of Tembo’s ongoing efforts to facilitate homeownership among first-time buyers in the UK, an intention clearly articulated by co-founder and CEO Richard Dana.
Founded in 2020 during the pandemic, Tembo has swiftly positioned itself as a prominent player in the fintech industry, garnering backing from notable investors like Aviva Ventures. The company’s mission to improve access to the housing market is underscored by its extensive network, which includes over 100 lenders, 10,000 mortgage products, and 25 mortgage schemes.
In addition to its mortgage offerings, Tembo has launched a savings app designed to help potential homeowners accumulate the necessary capital through a Lifetime ISA. According to Dana, “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, Tembo has reportedly aided thousands of first-time buyers in achieving their homeownership dreams, often in situations that seemed daunting.
Since its inception, Tembo has expanded its team to 85 members and has facilitated the successful home acquisition for over 4,000 first-time buyers. Its savings ISA service has attracted 35,000 users, highlighting the growing trust and reliance on its financial solutions.
Prior to this round, Tembo raised approximately £7.5 million through funding rounds in 2021 and 2023, with support from investors such as Love Ventures, Ascension Ventures, and McPike Family Office. The recent Series B round was spearheaded by Goodwater Capital, with continued backing from its previous investors. Edward Robinson, partner at Goodwater, expressed enthusiasm for supporting Tembo’s innovative approach to addressing homeownership barriers in the UK.
Tembo is making strides in transforming the homeownership landscape by integrating innovative financial solutions.
