Plend is expected to use the infusion to reach out to more individuals excluded from the conventional credit system. Credit: stevepb from Pixabay.

British ‘ethical lender’ Plend has reportedly secured £40m in a seed funding round to support its plan to remodel the credit system.     

Existing pre-seed investors Ascension, Tomahawk VC, DD Venture Capital and Haatch invested in the round, which also saw the participation of new investors including Active Partners, Velocity Juice, Sivo and founders from Monzo, Starling Bank and Oodle Car Finance.

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Plend is expected to use the infusion to forge new collaborations in 2023.   

The firm also plans to reach out to more individuals excluded from the conventional credit system.

The London-based firm uses open banking in place of the “outdated and backward” credit system which it claims discriminates against applicants based on historic and limited data.

According to Plend, open banking data makes credit more personal and enables smarter lending decisions.

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Reports quoted Plend CEO and co-founder Rob Pasco as saying: “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.”

Active Partners seed investor Nick Green said: “With their innovative technology, they are creating a fairer lending environment and improving the lives of many consumers currently burdened with high-interest loans.” Since its launch in July this year, Plend’s consumer lending platform is said to have processed nearly £40m of loan applications. The company plans to double the figure by the year end.