06 August 2021

Tembo Money secures £2.5mn

Written By FinTech Alliance

Tembo Money secures £2.5mn

Key backers include Aviva and Nationwide

 

In Brief:

Tembo enables first-time buyers to get a mortgage with family support without requiring a cash lump sum.

The funding was led by Aviva and Fair by Design - the venture fund managed by Ascension Ventures (backed by Nationwide, Big Society Capital and Joseph Rowntree).

Tembo’s offering aims to address the ‘poverty premium’ and help prospective homeowners buy their first property sooner.

 

What does this mean?

Many first-time buyers are confronted by significant obstacles. Tembo's model works by allowing supporting families unlock money from their existing property and use that capital to top up the first-time buyer’s deposit or create one from scratch.

 

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