The funding round was led by abrdn with participation from international backers.
"We are extremely pleased to have been able to complete a round of this size during the turbulent crypto and traditional financial market conditions of the last few months. It is also fantastic to have such credible and strategic partner investors involved in the raise too – led by abrdn. We look forward to the next phase of the Archax journey as we scale up for launch and beyond with these partnerships in place."
The seed round was supported by Angel Investment Network to fund platform expansion and user growth.
"We are delighted that investors have supported our vision of a global ecosystem of connectivity for clean energy project developers, advisors, investors and lenders. We are now the fastest growing platform for renewable energy projects, helping to bring together international market participants to successfully progress over 3GW of new utility-scale clean energy generation capacity in this past year alone. This reduces transaction friction and means that the market for renewable energy projects can flow faster and more efficiently than ever before."
The seed financing round was backed by Active Partners and existing investors including Ascension.
"This new round of funding caps off an amazing year for Plend. Since launching our first affordable credit product to consumers this year, we have been able to help so many people get access to the money they need to get on with their lives at affordable and fair rates. We are thrilled to be working with our newest investment partners to provide a truly ethical alternative to the broken credit scoring system that locks so many people out of the market, especially during these times of economic turbulence and rising interest rates."
Silicon Valley Bank UK led the syndication with a hold level of £100m to support the company working capital needs.
"Our mission is to create money without borders – instant, convenient, transparent and eventually free. The new facility led by Silicon Valley Bank UK will offer us flexible and efficient access to working capital. This means we can continue bringing our service to as many as possible and we can keep investing in making our payments faster, cheaper and more efficient for our millions of customers around the world."
The round was led by Octopus Ventures with participation from Seedcamp and Semantic to support app development and regulatory approval.
"Most retail investors have two options to build wealth: settle for passive portfolios or try to time the market and pick stocks and crypto themselves without access to the training, tools and information needed to do this effectively. This funding will allow us to build a modern app-based investment service that gives customers the same professional expertise that only high-net-worth individuals are used to. We’ve already got a stellar team in place, and we’re now excited to be working towards regulatory approval to launch over the coming months."
