Technology

Creditspring Earns £ 48m to Support Members with Fixed Cost Subscription Loans

A UK-based fintech company that offers affordable credit through a subscription model, CreditspringRaised £ 48m to support more members. In the latest round of funding, the total amount of companies raised since its launch in 2016 will be £ 70m.

The company’s latest Financial Stability Tracker shows that one in six adults (16%) in the UK will need to borrow within the next few months. During 2022, we plan to lend £ 100m to support our members through a fixed-cost subscription loan service. This is compared to a total of £ 25m lent out in 2021.

The startup subscription model is a fixed-cost, low-risk credit solution that provides customers with twice-yearly prepayment access with no clear repayments, capped costs, or hidden fees.

Creditspring Co-Founder and CEO Neil Kadagatour “As people increasingly turn to borrowing to survive the cost of living crisis, it creates the perfect hunting ground for predatory lenders who do not truly have the best interests of their customers. , We have to do everything we can to reduce the chances of people falling into unmanageable debt. This has never been more important than it is today. “

According to the company, membership is expected to increase by 50% from the beginning of the year, from 100,000 to 150,000, with an additional 200,000 by the end of the year. The subscription model allows customers to access two advances a year for a fixed fee to access their credits.

“Creditspring has proven to be a major confusion in the lending sector and offers a long-awaited alternative to high-cost short-term loans,” said the founder, CEO, and key leader of the Monomyth Group. Investors say. Tip Dan said.

https://tech.eu/2022/05/26/creditspring-nabs-ps48-million-to-support-members-with-fixed-cost-subscription-loans Creditspring Earns £ 48m to Support Members with Fixed Cost Subscription Loans

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