Tembo, supported by Aviva, has secured £14m to enhance its fintech solutions for first-time homebuyers.
- The fintech was established during the pandemic to provide greater access to home ownership in the UK.
- Tembo’s platform features over 100 lenders and thousands of mortgage products and schemes.
- A newly launched savings app aids potential home buyers in accumulating deposits via a Lifetime ISA.
- Backed by renowned investors, Tembo is positioned to further strengthen its market presence.
Tembo, a fintech startup based in Southwark and backed by Aviva, has successfully raised £14 million in funding. This financial support aims to scale its savings application and to broaden its mortgage product line, with a focus on first-time buyers. Launched during the global pandemic, Tembo’s mission is to enhance homeownership accessibility in the UK.
Tembo provides access to a wide range of lending options, featuring over 100 different lenders. Their expansive portfolio includes more than 10,000 mortgage products and 25 unique mortgage schemes, making it an invaluable resource for first-time buyers seeking to navigate the property market.
In line with its commitment to easing the path to homeownership, Tembo recently introduced a savings app designed to assist aspiring homeowners. This app allows users to compile the necessary funds to purchase a home efficiently, utilising a Lifetime ISA as a key tool in the savings process.
Richard Dana, co-founder and CEO of Tembo, articulated the company’s vision, stating: “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.” Dana also highlighted the company’s success over the past year, having facilitated home purchases for thousands of individuals who previously thought it impossible.
Since its inception, Tembo has expanded to a team of 85 employees and has played a crucial role in helping over 4,000 first-time buyers secure homes. Additionally, approximately 35,000 users have joined its ISA service, demonstrating the company’s growing influence and reach.
The financial growth of the company is notable, with roughly £7.5 million raised in previous funding rounds across 2021 and 2023. Support came from investors such as Love Ventures, Ascension Ventures, and McPike Family Office, with the latest Series B funding led by Goodwater Capital.
Edward Robinson, a partner at Goodwater Capital, expressed his support, remarking on the transformative impact Tembo’s technological innovation has had on property access in the UK. By marrying advanced technology with consumer-focused solutions, Tembo is making strides in enabling first-time buyers to achieve their homeownership dreams.
Tembo’s recent funding underscores its strategic growth and commitment to empowering first-time buyers in the UK property market.
