Plend aims to become first B Corp consumer lender by gaining FCA approval

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Alternative loans

Early access to Plend’s more ethical loans has begun.

Image source: James Pursail, Luke Lang and Rob Pasco (left to right)/Plend.

There’s a new financially inclusive lender in town, as London-based Plend has just won FCA approval to start issuing loans.

Yesterday’s announcement also came with the news that Plend has been granted Pending B Corp status, making it the first UK consumer lender to adopt the required environmental, social and corporate governance standards by certification.

In particular, Plend says he is working to overcome “flaws in the UK credit referencing system” which he says puts some 20 million Britons at a significant disadvantage who have thin, non-existent or compromised credit histories.

“It’s outrageous that we still face financial discrimination based on a system that hasn’t been updated since the 1950s,” said Plend CEO and co-founder Rob Pasco.

“We passionately believe that affordable, ethical loans should be readily available based on your personal spending habits today, not your credit history over the past 6 years.”

“Now that our Early Access is launched with FCA approval, we look forward to creating a fairer future where people aren’t held back by their credit score.”

Plend, which you may recall Crowdcube co-founder Luke Lang joined as chairman last June, will soon begin lending on a limited basis as part of an “early access” process. , before opening its loans later in the year.

According to the calculator on its website, Plend intends to offer loans of up to £10,000 at annual interest rates of between 10-25% and for terms of up to five years.

Last September, Plend raised £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.

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