And Rising Fuels Plend's AI-Mission to Revolutionise Personal Lending

Today, And Rising announces a creative capital investment in Plend, a pioneering fintech company using open banking and AI to reshape the landscape of personal lending. The move continues to build And Rising’s portfolio of positive impact brands, allowing Plend to accelerate its marketing efforts to become a nationally recognised brand.

"Access to affordable credit is vital for an individual’s financial stability and resilience but our analysis exposes that some sections of the UK population are repeatedly being badly let down by the financial services industry." Robert Pasco, CEO & Co-Founder, Plend

Plend's Vision: Disrupting and Transforming the Market

Plend, founded in 2020 by Robert Pasco and James Pursaill, has set its sights on disrupting the £24 billion consumer lending market. It aims to bring affordable loans to the more than 20 million individuals in the UK who traditional lenders currently leave behind. With their proprietary open banking and AI-powered credit system, Plend is revolutionising the lending landscape by providing broader access to genuinely affordable loans. Plend, built by a team of world-class machine-learning and credit risk experts, enables a fairer and more accurate assessment of an individual's creditworthiness.

As the UK faces post-pandemic economic headwinds, the need for inclusive financial services has never been more pressing. There’s no getting around it: the divide between haves and have-nots is worsening. How we assess creditworthiness is out of date. The loans, insurance, and banking industries fail to reinvent themselves. 

There’s good news. Technology is enabling change. First is the development of open banking, which gives a more nuanced picture of people’s financial data. Second, AI and machine learning can compute large datasets with unprecedented power. With the right expertise, it's now possible to build an intelligent finance system that can offer infinitely more personalised products than was previously possible. 

Plend is the solution for those seeking accessible and fair personal loans. With a recent seed funding round that raised £40 million, Plend has attracted a stellar lineup of investors, including renowned names such as Active Partners, Velocity Juice, Sivo, and notable founders from Monzo, Starling Bank, and Oodle Car Finance. With And Rising's injection of creative capital, Plend will accelerate its brand and marketing efforts to establish a leading consumer brand that can dominate the space.  

The Challenges in the Personal Lending Market

The personal lending market has experienced seismic shifts over the past decade. Traditional lenders have often relied on outdated credit scoring methods that fail to provide a comprehensive and accurate picture of an individual's financial situation. This leads to exclusion and limited access to affordable credit, exacerbating societal inequalities. Moreover, the COVID-19 pandemic and the cost of living crisis have intensified these challenges, pushing more individuals into financial hardship and leaving them underserved by traditional lenders.

The Crisis of Financial Inclusion

Financial inclusion stands at the heart of Plend's mission. It recognises that millions of people in the UK are currently underserved by existing lending institutions, trapped in a cycle of limited access to fair and affordable financial products. Plend aims to address this crisis head-on by utilising innovative open banking technology to accurately assess an individual's financial position, empowering them to access sustainable loans at fair interest rates. By leveraging data and technology, Plend strives to bridge the gap and ensure that no one is denied the fundamental right to financial security and opportunity.

Transforming Lives, One Loan at a Time

Plend's loan book continues growing sharply at 20% monthly: Over £142 million in loan applications have been processed through its lending platform since 2022, helping individuals across the UK access much-needed financial resources. Notably, Plend has gone beyond traditional lending practices, providing debt restructuring assistance to 70% of all applicants, offering them a path towards financial stability. Moreover, Plend has embraced sustainable finance by introducing its first fully embedded 'green finance' product, enabling customers to obtain low-interest loans for eco-friendly initiatives such as home solar panels and heat pumps.

Plend’s Financial Inclusion Report: Shedding Light on the Urgency for Change

Plend recently released its comprehensive financial inclusion report, highlighting the dire state of financial exclusion in the UK. The report revealed that around 20 million people, a staggering number, are financially underserved. This represents a doubling of the figure since 2016, signalling the need for immediate action. The report further emphasised the impact of the COVID-19 pandemic and the cost of living crisis, exacerbating the challenges faced by vulnerable individuals. It sheds light on how those in need often resort to high-cost credit to cover essential expenses such as groceries, transportation, and bills. The report also identified areas for improvement in the credit referencing system and the general population's limited comprehension of credit scoring. A full copy of the report can be found here. 

Building a National Brand with Financial Inclusion at its Heart

Plend's strategic approach and unwavering commitment make it ideally positioned to drive positive change in the personal lending market. Plend's system goes beyond conventional lending practices. They are partnering with organisations such as Monevo and ClearScore to expand their reach and help even more individuals excluded from the current credit system. By harnessing the power of AI and open banking technology, Plend can offer a more accurate assessment of an individual's financial life, empowering them with access to fair and affordable credit. Plend's focus on long-term, sustainable loans aligns with the needs of borrowers traditionally excluded by the market. Plend exemplifies its dedication to supporting borrowers' financial well-being and environmental sustainability by providing debt restructuring assistance and incorporating green finance options.

And Rising's Investment in Plend: Aligned Visions, Empowering Impact

Plend's mission to tackle financial exclusion and empower individuals aligns perfectly with And Rising's investment thesis. Through creative capital, And Rising accelerates Plend's brand and marketing efforts, enhancing its ability to create a national brand that can welcome an underserved market segment. The partnership between And Rising and Plend signifies a shared vision of creating a fairer future and ensuring no one is left behind in pursuing financial security and well-being.

Using The Power of Brand Strategy, Design, Marketing, and Media working as one.

As the UK personal lending market transforms, the partnership between And Rising and Plend represents a significant milestone in pursuing financial inclusion. Plend's dedication to revolutionising the personal lending market and And Rising's strategic investment set the stage for transformative change. By addressing the challenges of financial exclusion, Plend offers a beacon of hope, providing individuals with the tools and resources they need to build a brighter future. As Plend continues to disrupt and drive positive change, the vision of financial inclusion for all can become a reality, propelling us towards a more equitable and prosperous society.

"We’re on a mission to create a financially inclusive world where people are no longer held back. We do this by linking to peoples’ bank accounts to create an accurate view of their financial situation so we can make smarter lending decisions." James Pursail, CTO and Co-Founder of Plend.