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Plend receives FCA approval for lending

Monday 9 May 2022 14:48 CET | News

UK-based inclusive lender Plend has secured FCA’s approval to start issuing loans, according to AltFi.

The announcement was also accompanied by news that Plend has achieved Pending B Corp status, reportedly making it the first UK consumer lender to adopt the environmental, social, and corporate governance standards required by the certification.

In particular, Plend says it is working to overcome ‘the flaws in the UK credit referencing system’ which it says greatly disadvantage some 20 million Brits who have thin, non-existent, or impaired credit histories.

Plend will shortly start lending in a limited way under an ‘early access’ process, before opening up its lending later in 2022. According to the calculator on its website, Plend intends to offer loans of up to GBP 10,000 at APRs of between 10 and 25% and for terms of up to five years.

In September 2021, Plend raised GBP 700,000 in its first funding round, led by Swiss VC Tomahawk and a number of other investors including Natwionwide’s startup incubator NBS Ventures, Ascension, and Haatch, AltFi concludes.


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Keywords: banking license, FCA, Open Banking, ESG, lending
Categories: Banking & Fintech
Companies: FCA, Plend
Countries: United Kingdom
This article is part of category

Banking & Fintech

FCA

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Plend

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