Investment will help scale its credit technology and power fair finance across the UK and beyond
Osborne Clarke has advised fast-growing UK credit technology platform, Fintern on its latest fundraising round where it has secured £8 million of new capital, led by international investment firm Hambro Perks. The investment round also included an equity investment from Fintern's primary debt provider, Varengold Bank, and other high-net-worth individuals, bringing the Company’s total capital raised to £40 million.
With a mission to expand access to affordable credit, Fintern plans to use the investment to bolster its UK presence, build out its team and launch its first B2B partnerships. The company aims to build a £1 billion loan book in the UK over the next five years, whilst using the experience gained from their own lending business to strengthen their B2B proposition.
Fintern’s solution offers the flexibility to manage loan repayments around customers’ personal needs with lower interest rates than the market. Using Open Banking to get a true picture of each applicant’s unique financial situation, Fintern combines this data with several other sources, to base its lending decisions on what someone can afford to borrow, rather than relying on an incomplete snapshot of the past.
Osborne Clarke's Team consisted of banking and finance Partner Tom Bussy and corporate specialists James Taylor and Adam Turner.
Osborne Clarke's international financial services sector team advises clients ranging from start-ups, scale-ups/growth businesses and FinTech unicorns to challenger banks, payments, retail and consumer finance, platforms, large corporates and institutions as well as lenders, investors and industry bodies and regulators.