By Oliver Smith on Friday 6 May 2022
Early access for Plend’s more ethical lending has begun.
The announcement yesterday was also accompanied by news that Plend has achieved Pending B Corp status, 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.
“It’s outrageous that we are still experiencing financial discrimination based on a system that hasn’t been updated since the 1950s,” said Plend’s CEO and co-founder Rob Pasco.
“We passionately believe affordable and ethical loans should be easily accessible based on your personal spending habits today, not your credit history over the last 6 years.”
“Now as our early access launches with FCA approval, we’re itching to create a fairer future where people are not held back by their credit score.”
Plend, which you might remember Crowdcube co-founder Luke Lang last June joined as chair, will shortly start lending in a limited way under an ‘early access’ process, before opening up its lending later in the year.
According to the calculator on its website, Plend intends to offer loans of up to £10,000 at APRs of between 10 and 25 per cent 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.