Tembo, a London-based digital savings and mortgage platform, has secured £14 million in a Series B funding round led by Goodwater Capital, with participation from existing investors Aviva, Ascension Ventures, Love Ventures, and the McPike Family Office.
Edward Robinson, Partner at Goodwater Capital, said:
“Goodwater Capital is thrilled to support Tembo’s exceptional team, whose innovation is transforming access to homeownership in the UK. 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.”
This investment brings Tembo’s total funding to £20 million, and follows on the back of a £5 million round the fintech raised in April 2023.
Co-founded in October 2020 by Richard Dana, Eddie Ross, and Geoff Wright, Tembo aims to enhance access to homeownership for first-time buyers and individuals facing affordability challenges. The newly acquired funds will be utilized to scale Tembo’s savings app, building upon the success of its award-winning Lifetime ISA, and to introduce new product lines that support customers in building deposits and improving mortgage affordability.
Tembo’s platform offers access to over 100 lenders, 10,000 mortgage products, and 25 bespoke mortgage schemes, including specialized Income and Deposit Boost family mortgages. In the past year, Tembo has assisted over 4,000 first-time buyers in purchasing their first homes and enabled 35,000 future buyers to begin saving for deposits through the Tembo Lifetime ISA.
Richard Dana, Co-founder and CEO of Tembo, stated:
“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. 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.”
This Series B funding follows a £5 million investment in April 2023, which included participation from Love Ventures and the McPike Family Office.
The earlier investment was aimed at developing Tembo’s proprietary technology and expanding strategic partnerships with wealth managers, house builders, and lenders.
With the latest infusion of capital, Tembo is poised to further its mission of making homeownership more accessible to a broader segment of the UK population, leveraging technology and innovative financial products to address affordability challenges in the housing market.
