Two childhood friends have raised £710,000 pre-seed investment to build a credit reference agency in Newcastle.
Evangeline Atkinson and Laura Mills founded Noggin HQ in London to solve the ‘credit invisible’ problem facing 5.8 million people in the UK, but moved back to the North East to create jobs in the region.
The round was led by Oxford Capital, and supported by Bethnal Green Ventures, SyndicateRoom and several ‘domain-specific’ angels.
Noggin received FCA authorisation in December 2023. The funding is being used to accelerate the launch of their first product, a price comparison platform, where people can purchase products with fair and transparent credit terms.
The founders’ mission is to improve access to credit for excluded groups, disproportionately made up of young people, recent immigrants and renters.
“When I was rejected for a mobile phone contract, what stuck with me was the extreme lack of transparency and control,” said Atkinson. “With 1 in 3 UK adults now estimated to have difficulty accessing products from mainstream lenders, a solution is much needed.”
Mills added: “As two women from the North East, we’ve had to overcome significant challenges to get to this stage.
“But as a result, we’re extremely intentional in our approach. And we’re unwavering in our commitment to do right by people.”
Tom Britton, founding partner at SyndicateRoom, said: “I moved to the UK several years ago, so I’ve experienced the difficulties that Noggin’s product alleviates first-hand.
“We’re delighted to be backing such a determined team tackling a problem that so many have faced for far too long.”
£100m funding goal for entrepreneur’s South Yorkshire ‘community’