UK FinTech Creditspring raises £48m

UK-based FinTech lender Creditspring has announced a £48 million funding round.

The company has a credit subscription service and offers loans for short term credit.

Creditspring said that amidst the cost-of-living crisis, the number of people taking out loans with the company had jumped by 50 per cent since the beginning of 2022.

It also said that of the new members, 14,000 signed up to the FinTech’s Stability Hub, which gives support and tips about how to make more informed financial choices.

“The significant growth in our customer numbers over the past six months highlights just how many people in the UK are in need of additional financial support,” said Neil Kadagathur, co-founder and chief executive, Creditspring. “As people increasingly turn to borrowing to survive the cost-of-living crisis, it creates a perfect hunting ground for predatory lenders who do not have the best interests of their customers at heart.

“We must do all we can to help people reduce their chances of falling into unmanageable debt - never has this been more important than it is today."

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