Tembo, the fintech startup focused on first-time buyers, secures £14m funding to expand its offerings.
- The company, founded during the pandemic, aims to enhance access to over 10,000 mortgage products.
- Tembo also launched a savings app to aid prospective homeowners in accumulating funds.
- The startup has helped over 4,000 individuals purchase their first homes since its inception.
- Backed by notable investors, Tembo seeks to solidify its market position.
London-based fintech company Tembo has successfully raised £14m in a bid to expand its innovative savings app and diverse mortgage schemes. The company aims to aid first-time buyers in navigating the housing market with greater ease.
Established in 2020 amid the pandemic, Tembo’s mission has been to improve access to homeownership for those previously locked out of the market. The company offers access to over 100 lenders, providing a wide array of more than 10,000 mortgage products and 25 distinct schemes.
In a strategic move to further assist prospective buyers, Tembo launched a savings application designed to help individuals build the necessary funds to purchase homes through a Lifetime Individual Savings Account (ISA). Co-founder and CEO Richard Dana highlighted the company’s success, noting, “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.”
The startup has made significant strides since its establishment, growing to a dedicated team of 85 employees. Tembo proudly reports having supported over 4,000 first-time buyers in achieving their goal of homeownership—a milestone many considered unattainable before the advent of such fintech solutions.
Drawing interest from prominent investors, Tembo has previously secured approximately £7.5m across funding rounds in 2021 and 2023. The latest Series B round was led by Goodwater Capital, with continued backing from previous investors such as Love Ventures, Ascension Ventures, and McPike Family Office.
Edward Robinson, a partner at Goodwater Capital, expressed enthusiasm about the investment, stating, “Goodwater Capital is thrilled to support Tembo’s exceptional team, whose innovation is transforming access to home ownership in the UK.” This backing highlights the confidence investors have in Tembo’s unique approach and technological capabilities.
Tembo’s recent funding marks a significant step in its journey to enhance homeownership access for first-time buyers across the UK.
