OakNorth completes £6.5m funding to consumer debt advice provider MoneyPlus

MoneyPlus will use the money to grow as customer demand surges due to the cost-of-living crisis.

OakNorth has lent £6.5m to MoneyPlus, a consumer debt advice provider, to help support its growth during the current cost-of-living crisis.

MoneyPlus provides debt and legal advice to consumers struggling with their finances and has grown over the past 12 years to become one of the largest providers in the UK.

With the capital from OakNorth, it will invest in future growth and manage the surge in demand it has seen as consumers have struggled to battle against the increased cost of living.

“The combination of rising energy bills, ongoing supply chain issues, and residual Brexit and COVID-19 impact, is placing unparalleled pressure on UK consumers,” OakNorth Bank debt finance director Stewart Haworth said. 

“Businesses such as MoneyPlus will play a vital role in supporting these consumers in navigating the financial challenges the next few months and years will present.”

The Manchester-based company helps heavily indebted customers by negotiating with lenders to reduce consumer debts and creating affordable monthly repayment plans.

It has grown significantly since it was founded in 2010 and now represents tens of thousands of consumers every year.

“Our mission is to help people live better lives, free from the anxieties and stress that come from being financially overstretched,” MoneyPlus CEO and co-founder Chris Davis said.

“As the cost-of-living crisis intensifies, we’re seeing a surge in new customers who have sadly fallen into arrears. 

“This funding from OakNorth will enable us to build scale in our platform, helping thousands of additional people to emerge from a difficult economic period in a stronger and more secure position.”