Amplifi Capital, the FinTech disrupter behind the My Community Finance and Reevo Money brands, has secured £50 million in debt funding from M&G plc.
Amplifi Capital’s technology has revolutionised the credit union sector in the UK. As a credit broker, it has helped credit unions to issue savings and loan products to over 100,000 customers in the UK with a total loan book of over £350m.
The company says the support from M&G is a pivotal moment because its primary objective is to facilitate access to credit products to the estimated 20m consumers in the UK that are underserved and unable to access credit from high street banks.
It aims to empower more consumers by providing access to affordable credit products, which in the future will include credit cards and car loans that are often out of reach for many underserved households.
Vincent Charles-Gervais, ABS portfolio manager, M&G Investments, said: “We firmly believe that Amplifi Capital’s innovative credit approach will have a significant influence on the credit union sector in the UK, and we eagerly anticipate the company’s ongoing success.”
FinTech 50 – UK’s most innovative financial technology creators for 2022