London-based Amplifi Capital has secured £50 million in a debt funding deal with M&G. The fintech behind brands My Community Finance and Reevo Money aims to use the new capital to provide credit products to an estimated 20 million underserved UK customers that are unable to obtain credit from traditional high street banks via its unsecured personal loans.
Since launching in 2018, according to the company, they've served savings and loan products to over 100,000 customers in the UK with a total loan book of £380 million.
“We firmly believe that Amplifi Capital's innovative credit approach will have a significant influence on the credit union sector in the UK, and we eagerly anticipate the company's ongoing success,” commented M&G Investments’ ABS Portfolio Manager Vincent Charles-Gervais.
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