London-based digital savings and mortgage platform Tembo has raised £14 million in Series B funding, bringing its total funding to £20 million to date.
Goodwater Capital led the investment round with additional support from existing investors Aviva, Ascension Ventures, Love Ventures, and the McPike Family Office.
Tembo, founded in October 2020 by Richard Dana, Eddie Ross, and Geoff Wright, is dedicated to helping people navigate the challenges of buying a home. Tembo offers an app-based platform that connects users with over 100 lenders and offers access to 10,000 mortgage products, including 25 unique family-focused mortgage schemes. A key offering is the “Income and Deposit Boost” mortgage options that improve borrowing power for prospective homeowners.
Recently, Tembo launched a savings app tailored to support first-time buyers in saving for their property purchases. The app also includes the Tembo Lifetime ISA, which helps customers save for their first home while receiving government bonuses, aligning with broader financial goals.
In the official press announcement, Tembo said the Series B funding will be used to scale its savings app. By enhancing the app’s features and functionality, Tembo strives to help more users effectively save for their first home and reach other financial milestones.
Since its inception, Tembo has grown to a team of 85 employees. By combining innovative savings tools and mortgage solutions, the company continues to focus on optimizing affordability and making homeownership more accessible.