Tembo, a fintech firm, secures £14m to advance its offerings for first-time homebuyers.
- The company aims to enhance its savings app while launching new mortgage schemes.
- Founded in 2020 amid the pandemic, Tembo supports first-time buyers with innovative financial solutions.
- Tembo’s mortgage offerings include access to over 100 lenders and 25 schemes.
- With a significant user base, Tembo continues to expand its impact on the housing market.
London-based fintech company Tembo has successfully raised £14m, which it plans to use to scale its savings app and introduce new schemes in its mortgage product offering. The startup, backed by Aviva, was founded in 2020 during the pandemic with the goal of increasing access to homeownership for first-time buyers. It stands out by offering access to over 100 lenders, 10,000 mortgage products, and 25 mortgage schemes, making it a significant player in this space.
Recently, Tembo launched a savings app designed to assist hopeful buyers in accumulating the necessary funds to purchase a home, incorporating a Lifetime ISA in its offerings. Tembo co-founder and CEO Richard Dana emphasized their mission, 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 proudly noted that over the past year, Tembo has helped thousands of first-time buyers achieve homeownership, often defying their expectations.
Since its inception, the startup has expanded to a team of 85 and claims to have assisted more than 4,000 first-time buyers in purchasing their home. Additionally, Tembo has attracted 35,000 users to its ISA service. Richard Dana, who previously served as the chief financial officer at Founders Factory, has overseen Tembo’s fundraising efforts, successfully securing approximately £7.5m in previous rounds in 2021 and 2023 from investors such as Love Ventures, Ascension Ventures, and McPike Family Office.
The company’s Series B funding round was spearheaded by Goodwater Capital, with continued support from its initial investors. Goodwater partner Edward Robinson expressed enthusiasm for Tembo’s progress, saying, “Goodwater Capital is thrilled to support Tembo’s exceptional team, whose innovation is transforming access to home ownership in the UK.” The combination of cutting-edge technology with a customer-focused approach has enabled Tembo to make significant strides in assisting first-time buyers.
Tembo’s strategic funding and innovative solutions continue to enhance access to homeownership for first-time buyers in the UK.
