Plend Nabs €58.3 Million Funding for Responsible Lending in London

Plend, a socially responsible lender based in London, is dedicated to addressing financial exclusion in the UK. The company has recently secured a funding facility of up to €58.3 million (£50 million) from Triple Point, a specialist investment manager also located in London.

Triple Point has provided a €23.2 million (£20 million) senior revolving credit facility to Plend, with the potential to increase to £50 million, to support the next phase of the company’s expansion.

James Pursaill, the CEO and founder of Plend, expressed his enthusiasm about the partnership, stating, “Our mission has always been to demonstrate that an individual is more than just a credit score. This collaboration will expand access to credit for thousands of people who are overlooked by traditional lenders, while upholding principles of fairness and transparency in lending, which are much needed in the current market. Teaming up with an organization like Triple Point, who shares our values, marks an exciting period for Plend.”

Established in 2020, Plend is a consumer lender authorized by the FCA, with a focus on providing responsible and affordable credit to individuals who are underserved by mainstream lenders.

The company utilizes Open Banking data and its proprietary credit technology to evaluate affordability based on a customer’s actual financial situation, rather than solely relying on traditional credit scores.

This approach allows Plend to cater to creditworthy near-prime borrowers who are often neglected by conventional lenders, assisting them in consolidating costly commitments into a single, structured, and more manageable repayment plan.

According to the company, its proprietary technology, the PLEND Score®, assesses borrowers’ affordability instead of solely depending on credit scores, making its product more accessible, precise, and cost-effective.

Triple Point, established in 2004, oversees around €2.9 billion (£2.5 billion) in various sectors including private credit, clean energy, social housing, and ventures. Both Plend and Triple Point hold Certified B Corporation status.

The Speciality Finance team at Triple Point has completed several similar facilities over the last year, with wholesale lending clients such as MT Finance, Hope Capital, Brickflow, and others.

Ellis Diamanti, the Head of Specialty Finance, Private Credit at Triple Point, commended Plend’s unique consumer lending platform, blending technology-driven underwriting with a strong commitment to responsible lending and financial inclusion. Diamanti highlighted the alignment of Plend’s customer-centric approach with Triple Point’s values as a fellow B Corporation.

“Backed by a high-quality management team and investors, Plend is well-positioned for its next growth phase. We are thrilled to collaborate with the company and support its ambitions. This facility represents our initial venture into consumer lending, underscoring our confidence in Plend’s platform and the opportunity to promote responsible access to credit.”

Plend intends to utilize this funding facility to refinance its existing funding line and facilitate new originations, ensuring committed capital for the next stage of growth as the company scales its lending operations.