Amplifi Capital Secures £22.5m to Fuel Reevo Money Expansion
Fintech disruptor Amplifi Capital has managed to secure £22.5 million (US$28.3m) in funding from M&G Investments, in what marks a pivotal moment for the growing company.
The mezzanine financing is set to significantly accelerate the expansion of near-prime loan provider, Reevo Money, the firm’s newest brand and its own lending platform available to customers in the UK.
News of this latest cash injection comes months after Amplifi agreed a warehouse securitisation facility of up to £100m (US$125m) with British banking giant NatWest.
“Amplifi Capital is delighted that M&G is joining NatWest in supporting Reevo Money by providing £22.5m in mezzanine funding to complement the £100m NatWest facility,” says Tobias Gruber, CEO at Amplifi Capital.
“This 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.”
Matching consumers with credit unions
Based in London, Amplifi Capital has been connecting near-prime consumers to responsible financial products since 2015.
Its first customer-facing brand, the credit union broker My Community Finance, was launched in 2018 in a bid to provide the infrastructure required to match customers with two of the UK's biggest credit unions.
Amplifi has enjoyed four consecutive years of significant double-digit growth and helped make these partnering credit unions become the country’s fastest-growing.
Reevo Money, the second consumer-facing brand, launched in 2022, revolutionising access to fast, fair, affordable loans.
Amplifi’s commitment to responsible lending
Amplifi Capital is something of a pioneer in the fintech sector, attempting to revolutionise access to credit products for underserved households, ensuring affordable and inclusive financial solutions.
The backing from M&G will further bolster the company's mission to provide as many customers as possible with access to affordable lending, so they can confidently pursue their financial goals.
Amplifi is committed to responsible lending practices and strives to foster a culture of financial empowerment. By combining cutting-edge technology with a customer-centric approach, it strives to create a level playing field where individuals with near-prime credit scores are granted equal opportunities.
The hope is that Amplifi's visionary initiatives, coupled with the rise of Reevo Money, will shape the future of the market and solidify the firm’s position as a force to be reckoned with.
"M&G is pleased to be supporting Amplifi Capital's mission to provide affordable credit to underserved communities in the UK,” adds Vincent Charles-Gervais, Structured Credit portfolio manager at M&G Investments.
“The mezzanine funding will allow Amplifi Capital to support and broaden its lending offered through Reevo Money.”
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