Lenvi, experts in loan software and servicing, are delighted to have been chosen to deliver Standby Servicing to the ethical lender Plend.
Plend are on a mission to give more people the affordable, game-changing loan they deserve. Providing affordable lending for people who have thin, non-existent or impaired credit histories.
Plend provide consumer loans from £3,000 - £20,000 over up to 5 years and in 2022 they raised £40m in seed funding to support their growth, with new investors including Leon & Soho House backers Active Partners, Nationwide Building Society and the founders of Monzo, Starling Bank and Oodle Car Finance.
In addition to this, they offer a not-for-profit scheme with a focus on providing affordable, interest-free credit to people across the UK who are traditionally locked out from accessing it. The scheme offers loans of between £500 and £2,000 with 0% interest.
The PLEND Score®, is their proprietary open banking technology that looks beyond traditional credit histories to give an accurate picture of a person’s financial position and deliver a more personalised loan application process to consumers.
Plend are also the first consumer lender in the UK to gain Pending B Corp status, awarded to those who meet high standards of social and environmental performance, transparency, and accountability.
Owain Chambers, Account Director – Capital Markets said of the partnership:
“At Lenvi, we know from our own Consumer Borrowing Research (LINK) that many consumers feel underserved in lending, and a one-size-fits-all approach leaves many denied access to finance.
We share in Plend’s passion for greater financial inclusion and look forward to supporting Plend in their future goals to create a fairer lending environment in the UK, improving the lives of many consumers.”
Robert Pasco, CEO & Founder - Plend said:
“Lenvi's unparalleled expertise in credit servicing will enable Plend to offer more nuanced and efficient services to our customers. Their proven track record of innovation and customer satisfaction aligns perfectly with Plend's mission to provide fair, transparent, and accessible financial products. This partnership represents a significant leap towards our vision of a world where financial well-being is a reality for everyone, not just a privilege for a few”
Find out more about Plend https://www.plend.com/
Learn about Standby Servicing from Lenvi here