The fundraise was led by Silverstripe Investment Management, with participation from existing investors.
The round brings the total amount raised to almost £90m since 2020, the lender said.
The firm added that this was despite “challenging conditions in the wider early stage funding market” and highlighted the “opportunity investors see in being able to disrupt the current UK mortgage market”.
Perenna said that the fundraise would see the firm launch its mortgage product, offering 20 to 30-year fixed rates to a 5,000-strong waitlist. It noted that eligible waitlist applicants would be invested to apply in the coming weeks and business would open to the public later this year.
The lender secured its full banking licence earlier this month and hired a duo of national account managers.
Perenna: ‘UK market in dire need of reform’
Arjan Verbeek (pictured), CEO and co-founder of Perenna, said: “This successful fundraise, set against the backdrop of a challenging fundraising market, is a clear testament to the strength of our unique approach and the significant opportunity to reimagine the structure of the UK mortgage market.
“With over £3tn of investor monies having no efficient access to the UK mortgage market, our covered bond platform will unlock this, enabling them to generate sustainable risk-adjusted returns whilst also delivering better outcomes for homeowners across the country.”
Hamish Peacocke, chief commercial officer and co-founder at Perenna, added: “The UK is a clear outlier when compared to other advanced economies like the US and Denmark. The market is in dire need of reform at a time when homeowners are battling a range of challenges, whether that be first-time buyer affordability, those remortgaging in a higher rate environment or those looking for greater choice and flexibility in later life.
“Our unique covered bond funding model can play a huge part in this reform. By establishing a funding platform like ours, there’s a huge opportunity for us to transform other international markets where similar structural problems exist. The UK is the perfect first step.”
