The London-based firm had two new investors for this round which included specialist investment fund Love Ventures and the McPike Family Office who have previously backed Starling Bank and Acre platforms.
Existing investors that took part in this round included Aviva Ventures and Ascension Ventures.
Tembo uses technology to allow potential borrowers to compare the mortgages which may be available to them depending on their financial circumstances and any guarantors which may be assisting with affordability.
This includes any costs and buying schemes available, such as Wayhome, Keyzy, Deposit Unlock and guarantor mortgages.
The firm also plans to enhance its partnerships with wealth managers, lenders and housebuilders such as Barratt Homes and Aviva.
Richard Dana (pictured), 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.”
He said more than 80 per cent of the clients it helped had previously been turned down by a lender or mortgage broker.
Dana added: “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.”
