Creditspring raises GBP 48 mln to improve financial stability in the UK

The latest fundraising round takes the total raised to GBP 70 million, since the fintech’s official launch, back in 2016. The money will mainly be used to support more members to avoid high-cost lenders and manage their finances through the cost-of-living crisis in the UK.

The startup will also use part of the funding to grow its team, looking to double its employee base by the end of 2022 and hire for positions across all areas of business.

According to Creditspring’s Financial Stability tracker, 16% of UK adults will have to borrow money in the upcoming months. The number of Creditspring users increased by 50%, reaching to a total of 150,000 across the country and will likely reach close to 200,000 members by the end of 2022. To support the new members, the company is looking to lend GBP 100 million through its fixed-cost subscription loan services, boosting financial inclusion and economic literacy.

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