Seed2 November 2022

Plend secures £40m in seed funding from Active Partners and other backers to scale its ethical lending platform.

The seed financing round was backed by Active Partners and existing investors including Ascension.

£40.0MSeed

Plend operates an ethical consumer lending platform that uses open banking technology to assess affordability. The company offers fair loan alternatives for applicants often excluded by traditional credit scoring systems.

London-based ethical lender Plend has raised £40m in seed funding to scale its operations and acquire new customers. The round was backed by new investors including Active Partners, Velocity Juice, and Sivo, alongside existing pre-seed backers Ascension, Tomahawk VC, DD Venture Capital, and Haatch. Founders from Monzo, Starling Bank, and Oodle Car Finance also participated in the financing.

The capital injection arrives as UK consumers face mounting economic pressure and rising interest rates, driving higher demand for alternative credit options. Plend employs open banking technology to evaluate applicant affordability beyond historical credit bureau data, helping users access affordable loans and manage existing debt.

Following its official launch in July 2022, the company has processed over £40m in loan applications and expanded its offerings to include green energy financing. With new partnerships established with Monevo and ClearScore, Plend intends to scale its lending capacity significantly before the end of the year.

From the founder

"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."

Rob Pasco

CEO and Co-founder at Plend

Investor perspective

"We’re delighted to be investing in Plend. With their innovative technology, they are creating a fairer lending environment and improving the lives of many consumers currently burdened with high-interest loans. Rob, James, and the team have impressed us with their passion, creativity and ambition and we look forward to supporting them in their next stage of growth."

Nick Green

Seed Investor, Active Partners