Plend

Based in the UK, Plend offers lending services to consumers via its online platform. It brands itself as an ethical lender, as it aims to serve customers who can not access credit due to the traditional credit scoring system by utilizing open banking data. To obtain loans from Plend, customers are required to have an active UK open banking account for a minimum of three months. The company provides loans up to GBP 10,000 (~USD 12,000) with repayment terms between one and five years.

The company claims to process applications within 24 hours and does not charge any hidden fees, early settlement penalties, or additional interest charges. It also offers financial wellbeing and wellness tools to its customers. In addition, Plend offers embedded financial solutions to other UK-based lenders to improve their credit risk and affordability processes.

Key customers and partnerships

Plend partnered with MakeMyHouseGreen to support customers with low interest loans to purchase green energy installations such as solar panels and heat pumps. It also selected GoCardless, an online payment processing solutions provider, to add variable recurring payment features to its platform.

In April 2024, Plend partnered with Monevo to broaden its lending options. This partnership ensures that if a customer’s loan application is rejected by Plend, they are given an opportunity to reapply for a different loan via Creditspring, a partner of Monevo.

Funding and financials

In November 2022, it raised GBP 40 million (~USD 44.9 million) in seed funding, comprising both debt and equity. The round saw participation from new investors such as Active Partners, Velocity Juice, Sivo, and the founders of Monzo and Starling Bank, alongside existing investors such as Ascension and Tomahawk VC. Plend had geared the funds to scale its operations with a focus on acquiring new customers via new partners and reaching new audiences.

Plend launched its operations in July 2022, and it reported to have processed over GBP 43 million (~USD 48.3 million) in loan applications as of November 2022.