Tembo acquires Lifetime ISA provider Nude Finance to enhance first-time buyer support

Mortgage specialist Tembo has acquired the Lifetime ISA provider Nude Finance, aiming to enhance its homebuyer platform for first-time buyers. The merger combines Tembo’s mortgage services with Nude’s savings accounts to help customers navigate the challenging property market more effectively.

Tembo’s acquisition, cleared by the FCA, sees Jenny Watts taking the chair at Nude Finance, while Richard Dana, CEO of Tembo, will oversee Nude’s operations. Crawford Taylor, outgoing CEO of Nude, will continue as an advisor.

Richard Dana said, “We’re delighted to now be able to offer our customers access to an award-winning savings product… The broader Tembo proposition puts home at the heart of personal wealth.”

Crawford Taylor added, “Nude is a financial friend… The acquisition is a perfect fit led by three very talented founders.”

The acquisition seeks to address the savings challenges faced by first-time buyers, with Tembo’s platform already known for boosting affordability through family support and shared ownership schemes.

The addition of Nude’s services is expected to further enhance the savings process for the 20,000 customers already using Nude.