On the back of their public launch in March, London-based startup Fintern has announced that it has raised £32m in equity and debt funding.
The equity funding comes from a variety of investors, including several fintech founders and business leaders. Debt financing will be provided by Hamburg-based fintech financier Varengold Bank. This provides Fintern with the capital necessary to take the first step in its mission to provide £1bn of consumer loans by 2025.
15m people across the UK struggle to borrow for unexpected costs with many of them forced to turn to payday and other high-cost lenders. With this new funding, Fintern will be able to open up access to affordable loans, helping many avoid often unshakable debt spirals.
Gerald Chappell, Fintern CEO and Co-founder commented “This fundraising puts Fintern in a strong position to deliver on our mission to increase access to affordable personal credit. Our distinctive data driven approach to lending allows us to bypass credit scores, increase approval rates and lower APRs. We’re delighted to be partnering with Varengold Bank on the funding of our loan book, benefiting from their deep experience and commitment to Fintech lending innovation.”
Alison Harwood, Head of Varengold’s London Branch, had this to say: “We’re thrilled to be partnering with Fintern to provide wider access to affordable borrowing in the UK. This is another example of Varengold’s wider mission to support fintechs across Europe in providing innovative, customer-centric lending products. Both Varengold and Fintern are passionate about changing the consumer lending landscape in the UK and we’re excited to be working together towards that goal.”