Perenna secures £43m from Silverstripe Investment Management to launch long-term mortgages
The financing round was led by Silverstripe Investment Management to support the rollout of fixed rate mortgage products.
Perenna is a bank offering long-term fixed rate mortgages designed to reform the UK housing finance market. The business employs a covered bond funding model to provide stable yields for institutional investors.
Perenna has secured £43m in a fresh equity funding round led by its strategic backer Silverstripe Investment Management, with participation from existing investors. The fresh capital arrives shortly after the business gained its UK banking licence and will support the commercial rollout of its long-term fixed rate mortgage products to a waiting list of customers.
The company relies on a covered bond model rather than traditional retail deposits to fund its lending, seeking to address structural deficiencies in the domestic mortgage market. Similar European mechanisms are common, but Perenna is introducing the first such platform in the UK, aiming to protect borrowers from interest rate volatility and expand homeownership access.
Silverstripe Investment Management led the financing, continuing its active involvement in the company following previous support. The latest investment brings Perenna close to £70m in total funding since its inception in 2020, defying a difficult broader economic environment for early-stage fundraising.
From the founder
"This successful fundraise, set against the backdrop of a challenging fundraising market is a clear testament to the strength of our unique approach and the significant opportunity to reimagine the structure of the UK mortgage market."
Arjan Verbeek
CEO and Co-Founder at Perenna
Use of funds
- 01Continue product development
