London-based digital-mortgage platform Tembo has raised £5m in an investment round that included participation from new backers Love Ventures and McPike Family Office, as well as existing investors Aviva Ventures and Ascension Ventures.
Tembo offers a one-stop shop for various mortgage schemes, aiming to assist customers struggling with affordability.
The funding will be used primarily to enhance Tembo’s proprietary decisioning and affordability technology, which offers users instant comparisons of costs and affordability across different buying schemes for purchasing or remortgaging a home.
The company also plans to expand its strategic partnerships with trusted wealth managers, house builders, and lenders, including Barratt Homes and Aviva.
Tembo’s CEO and founder, Richard Dana (pictured), said: “We’re delighted to have the ongoing support of such incredible investors – who bring with them expertise and insight into property, mortgages and intergenerational wealth.
“This investment gives us the resources to continue to help thousands more customers fulfill their dreams over the coming years.”
Dana highlighted the growing market for those locked out of homeownership, saying: “The market for the unaffordables is continuing to grow, as large swathes of the population have been locked out of homeownership.”
He added: “Many customers who would otherwise be trapped in a rental cycle without the support of our products end up paying less money each month for their mortgage than they do for their rent.”
