3 years ago

Fintech Startup Fintern Secures £8 Million to Expand Affordable Lending Platform

  • London-based fintech startup Fintern has raised £8 million in a Series A funding round led by Hambro Perks

  • The company, which uses open banking to offer consumer loans based on spending habits, plans to utilize the funds for UK expansion and team growth

  • Fintern claims to have processed over 50,000 loan applications, approving 60% of customers who wouldn't have qualified through traditional methods.

      • ProblemFinancial Services

      "Many people in the UK are denied access to affordable credit despite having a full-time job, because traditional lending systems rely solely on credit scores."

      Solution

      "Fintern uses open banking to gain access to a consumer's spending habits, allowing them to assess creditworthiness beyond just credit scores, making affordable credit more accessible to those who might otherwise be denied."

      Covered on