Digital mortgage platform Tembo has secured £5 million of investment.

Tembo has welcomed two new investors as part of this round: Love Ventures, a specialist fintech, proptech and consumertech investment fund, and the McPike Family Office who have made a number of successful UK investments including Starling Bank and Acre Platforms. Existing investors Aviva Ventures and Ascension Ventures both also invested again into Tembo as part of the round.

The investment will be used primarily to continue to develop Tembo’s proprietary, decisioning and affordability technology, providing users with an instant comparison of affordability and costs for all the available options and buying schemes to help them buy or remortgage their home. This includes family mortgages which leverage either income, property equity or savings to boost affordability, as well as a growing number of specialist part buy, part rent and shared ownership schemes for those without family or friend support.

Tembo will also invest in growing its strategic partnerships with a range of trusted wealth managers, house builders and lenders including Barratt Homes and Aviva.

Richard Dana, CEO and founder of Tembo, said: “We’re delighted to have the ongoing support of such incredible investors – who bring with them expertise and insight into property, mortgages and intergenerational wealth. This investment gives us the resources to continue to help thousands more customers fulfil their dreams over the coming years.

“The market for the unaffordables is continuing to grow, as large swathes of the population have been locked out of homeownership. Owning a home is still a dream and aspiration for so many people but the existing market is not set up to help those who are unable to save a deposit or meet affordability on a standard mortgage.

“Over 80% of the customers that we have helped to date have been turned down by a lender or mortgage broker before they reach us. Many customers who would otherwise be trapped in a rental cycle without the support of our products end up paying less money each month for their mortgage than they do for their rent.”