Tembo Secures £14 Million in Series B Funding
Tembo, a pioneering company based in London, UK, has recently made headlines by securing an impressive £14 million in Series B funding. This latest investment pushes the total amount of funding raised by the company to a robust £20 million, highlighting the growing interest and confidence in its innovative digital savings and mortgage platform. The funding round was spearheaded by Goodwater Capital, with significant contributions from existing investors, such as Aviva, Ascension Ventures, Love Ventures, and the McPike Family Office. This influx of capital is expected to play a crucial role in Tembo's ambitions to scale up its savings app and expand its services.
Co-founded in October 2020 by visionaries Richard Dana, Eddie Ross, and Geoff Wright, Tembo specializes in making homeownership more accessible by optimizing affordability for prospective buyers.
The platform offers access to a vast array of financial tools, boasting partnerships with over 100 lenders and providing access to 10,000 mortgage products. Additionally, Tembo showcases 25 bespoke mortgage schemes that are designed to help uncover a borrower’s accurate affordability. Among these offerings, the company features innovative family-mortgages, such as the Income and Deposit Boost schemes, which aim to provide valuable assistance to families looking to secure a home for their loved ones.
In tandem with its mortgage solutions, Tembo has launched a savings app that directly supports customers in their journey toward homeownership. The app is particularly focused on aiding users as they save for their first property purchase, as well as for future financial goals. One key feature of this offering is the Tembo Lifetime ISA, which encourages disciplined saving by providing attractive incentives to customers. Since its inception, Tembo has experienced significant growth, scaling its workforce to 85 dedicated employees, all committed to transforming the landscape of home financing and making the dream of owning a home a reality for many.
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