Newcastle-based FinTech Noggin HQ has launched its alternative credit scoring technology to UK lenders after raising £2.3 million in an oversubscribed seed round. 

The raise comes as the business successfully obtains its credit referencing authorisation from the Financial Conduct Authority, meaning it can now provide its cashflow-based credit data to FCA-authorised lenders. 

This latest round of funding was led by Blackfinch Ventures, with continued participation from Oxford Capital and Bethnal Green Ventures and several domain-specific angel investors, including Alastair Douglas, former CEO of TotallyMoney.  

The firm previously raised £710,000 in pre-seed funding, led by Oxford Capital with support from Bethnal Green Ventures and other investors. 

Childhood friends Evangeline Atkinson and Laura Mills founded the company after they were declined for credit despite being in full-time work and paying rent and bills. 

The experience highlighted how people with thin credit files, limited borrowing histories or time spent living abroad can appear risky, even when their banking data shows they can afford to repay.