Creditspring raises £48m in Series A funding led by Monomyth Group to expand its subscription lending platform.
The Series A round was led by Monomyth Group and brings total funding to £70m.
Creditspring operates an FCA regulated subscription service providing affordable credit and financial guidance to near prime borrowers in the UK. The platform offers fixed cost loans and educational tools to help members avoid high cost lenders.
Creditspring has secured £48m in a Series A funding round led by Monomyth Group to expand its subscription loan services and grow its team. The fresh capital arrives as demand surges amid the cost of living crisis, with the company aiming to double its employee base by the end of the year and lend £100m over the course of 2022.
The fintech lender has experienced significant customer growth, adding 50% more members since the start of the year to reach 150,000. The funds will be deployed to support these members in managing personal finances and avoiding predatory lenders, alongside scaling operations and recruitment across engineering, data, and customer service teams.
This latest raise brings Creditspring's total funding to £70m since its launch. The company continues to promote financial stability through its fixed fee credit products and free educational hub.
From the founder
"The significant growth in our customer numbers over the past six months highlights just how many people in the UK are in need of additional financial support."
Neil Kadagathur
Co-Founder and CEO at Creditspring
Investor perspective
"Creditspring is proving to be a major disruptor in the lending sector, providing a much-needed alternative to high-cost, short term loans. Its pioneering subscription finance model is making lending more inclusive, responsible, and fair at a time when borrowers need these qualities most. Creditspring is driving real, positive change for people across the UK, and we are proud to be with them on this journey."
Chip Dunn
Founder and CEO, Monomyth Group
Use of funds
- 01Grow the team
- 02Scale operations
Investors
Categories
About the company
Creditspring
Creditspring provides a subscription based credit service that offers affordable loans and financial guidance.