London-based fintech Tembo has raised £14m as it looks to scale its savings app and introduce new schemes in its mortgage product offering.
The Aviva-backed Southwark startup was founded during the pandemic to increase access to homeownership for first-time buyers.
It offers access to over 100 lenders, 10,000 mortgage products and 25 mortgage schemes. The fintech also recently launched a savings app for hopeful buyers to build up the cash to purchase their home with a Lifetime ISA.
“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,” said Tembo co-founder and CEO Richard Dana.
“Over the past year alone, we’re proud to have helped thousands of first-time buyers buy their own home, often when they thought it was impossible. Plus, we have plans to further solidify our positioning in the market as the go-to player for finding a way for borrowers.”
Since launch, the startup has grown to a team of 85 and claims to have helped over 4,000 first-time buyers purchase a home. So far, 35,000 users have also signed up for its ISA service.
Dana previously worked as the chief financial officer at Brent Hoberman’s Founders Factory.
Tembo has previously raised around £7.5m across funding rounds in 2021 and 2023, with backers including Love Ventures, Ascension Ventures and McPike Family Office.
The company’s Series B round was led by Goodwater Capital, with additional backing from its previous investors.
“Goodwater Capital is thrilled to support Tembo’s exceptional team, whose innovation is transforming access to home ownership in the UK,” said Goodwater partner Edward Robinson.
“By combining cutting-edge technology with customer-focused solutions, Tembo has rapidly grown to help thousands of first-time buyers achieve what once seemed impossible.”
Read more: Founder in Five: Q&A with Tembo CEO Richard Dana
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