London-based digital savings and mortgage platform Tembo has successfully raised £14 million in a Series B funding round led by Goodwater Capital.
Existing investors, including Aviva, Ascension Ventures, Love Ventures, and McPike Family Office, participated in this round, increasing the company’s total funding to £20 million.
Tembo was co-founded in October 2020 by Richard Dana, Eddie Ross, and Geoff Wright during the peak of the pandemic. The platform aims to enhance access to homeownership for first-time buyers and those facing affordability challenges.
The startup leverages its proprietary technology to provide users with instant comparisons of affordability and costs across various options and buying schemes, thereby facilitating the process of buying or remortgaging a home. Tembo works with over 100 lenders and offers 10,000 mortgage products, along with 25 tailored mortgage schemes, including a specialist range of Income and Deposit Boost family mortgages.
Recently, Tembo introduced a savings app designed to assist customers in saving for their first property deposit and other financial goals through its Tembo Lifetime ISA. Over the past year, the company has supported more than 4,000 first-time buyers in purchasing their homes and helped 35,000 future buyers begin saving for their deposits using the ISA.
The new funding is intended to scale the savings app, launch additional product lines, and introduce new mortgage schemes to cater to a broader range of customers.
Richard Dana, co-founder and CEO of Tembo, stated, “We founded Tembo to help make homeownership possible 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 acquire their own homes, often when they thought it was impossible.”