Advice firm and digital savings and mortgage platform Tembo has raised £14m to help more first-time buyers save for a home.
The Series B round was led by Goodwater Capital with participation from Tembo’s existing investors including Aviva, Ascension Ventures, Love Ventures and McPike Family Office.
It brings the firm’s total funding to £20m.
Tembo will use the capital to expand its savings app, build on its Lifetime ISA and launch new products. The company will also strengthen its mortgage proposition by introducing new schemes that help buyers boost affordability.
Tembo focuses on giving first-time buyers access to solutions where they might not otherwise access mortgage finance. It has access to more than 100 lenders, 10,000 mortgage deals and 25 mortgage schemes, including income and deposit boost products.
This sits alongside its recently launched savings app, which helps people save towards their first home using its Lifetime ISA.
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Richard Dana (pictured), co-founder and CEO of Tembo, said: “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, we’re proud to have helped thousands of first-time buyers buy their own home, often when they thought it was impossible.
“As one of the world’s largest consumer-focused investors, Goodwater’s mission is to enable businesses that can bring positive change to the world. We’re delighted to have such an experienced team on board alongside our existing investors, as we continue in our mission to make home happen, against the odds.”
He added: “Goodwater’s support 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. Plus, we have plans to further solidify our positioning in the market as the go-to player for finding a way for borrowers.”
Edward Robinson, partner at Goodwater Capital, said: “Goodwater Capital is thrilled to support Tembo’s exceptional team, whose innovation is transforming access to homeownership in the UK. By combining cutting-edge technology with customer-focused solutions, Tembo has rapidly grown to help thousands of first-time buyers achieve what once seemed impossible.
“We’re proud to partner with such a fast-scaling business as they continue to lead in bringing affordability and opportunity to the housing market.”
