London-based Tembo, a digital savings and mortgage platform, has raised £14 million in a Series B funding round led by Goodwater Capital, with participation from existing investors including Aviva, Ascension Ventures, Love Ventures, and the McPike Family Office. This funding brings Tembo’s total raised capital to £20 million since its founding in October 2020.
Mission to Enable Homeownership
Launched during the pandemic, Tembo was co-founded by Richard Dana, Eddie Ross, and Geoff Wright to address affordability challenges faced by first-time buyers and aspiring homeowners.
Using proprietary decisioning and affordability technology, Tembo provides instant comparisons of affordability and costs across over 100 lenders, 10,000 mortgage products, and 25 bespoke mortgage schemes, including specialist Income and Deposit Boost family-mortgages.
Savings and Support for First-Time Buyers
In addition to mortgages, Tembo recently introduced a savings app that helps users save toward their first property deposits through the Tembo Lifetime ISA. In the past year:
- 4,000 first-time buyers purchased homes with Tembo’s assistance.
- 35,000 future buyers started saving for deposits using the ISA.
Scaling Up
The new funding will enable Tembo to:
- Scale its savings app further.
- Launch new product lines.
- Introduce additional mortgage schemes to support a broader customer base.
CEO Statement
Richard Dana, Tembo’s co-founder and CEO, remarked:
“We founded Tembo to help make homeownership happen 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 buy their own home, often when they thought it was impossible.”
Tembo’s Impact
With innovative mortgage schemes and tools to demystify the home-buying process, Tembo is positioned to play a critical role in addressing the UK’s growing affordability crisis and bridging the gap between renters and homeowners.