Amplifi Capital has secured 拢22.5m in funding from M&G Investments to drive growth of Reevo Money.
Amplifi is the FinTech disrupter behind the credit union introducer brand My Community Finance as well as sub-prime loan provider Reevo, its newest brand.
It follows the news in September, 2023, that Amplifi had secured a financing facility of up to 拢100m from NatWest to drive the expansion of Reevo Money in the UK.
By combining cutting-edge technology with a customer-centric approach, Amplifi aims to create a level playing field, granting individuals with near-prime credit scores equal opportunities to achieve their financial aspirations.
This backing from M&G signifies Amplifi’s growing influence as a major player within the industry.
Tobias Gruber, CEO of Amplifi Capital, said: 鈥淎mplifi Capital are delighted鈥痶hat M&G are joining NatWest in supporting Reevo Money by providing 拢22.5m in mezzanine funding to complement the 拢100m NatWest facility.
鈥淭his gives us access to financing Reevo Money at an important time to enable us to continue offering customers access to credit when traditional lenders have turned them away.”
Vincent Charles-Gervais, structured credit portfolio manager at M&G Investments, said:鈥��”M&G is pleased to be supporting Amplifi Capital’s mission to provide affordable credit to underserved communities in the UK.
鈥淭he mezzanine funding will allow Amplifi Capital to support and broaden its lending offered through Reevo Money鈥�.
Based in London, Amplifi Capital has connected near-prime consumers to responsible financial products since 2015.
Amplifi Capital’s first customer-facing brand, My Community Finance, launched in 2018, providing the infrastructure to match customers with two of the UK’s biggest credit unions.
The brand has enjoyed four years of significant double-digit growth and helped make the two credit unions it works with the fastest-growing in the UK.
Reevo Money is Amplifi Capital’s second customer-facing brand, launched in 2022, revolutionising access to fast, fair and affordable loans.