Digital savings and mortgage platform Tembo has raised £16m in growth investment.

The round was led by new investor in the group, Gresham House Ventures, alongside existing investors Goodwater Capital, Aviva Investors, McPike Family Office, Love Ventures, Ascension and new participation from the British Business Bank via Ascension.

Tembo said the latest funding follows a breakout year in 2025, which saw the group’s savings business multiply 10 times in size to reach £3bn in assets under administration, as more customers used the Tembo app.

The firm will use the funds to expand its app and end-to-end homebuying platform, which is designed to improve access to homeownership for customers who may struggle to meet standard affordability criteria.

Tembo co-founder and CEO, Richard Dana, said: “This investment is a major milestone for Tembo as we continue building a platform that doesn’t just help people find and secure a mortgage, but puts them genuinely in control of their journey to homeownership, from the first pound they save to the day they get the keys.

“The time has come for a more digital, data-led approach to consumer mortgage and wealth journeys.”

Investment partner at Gresham House, Rohit Mathur, said: “Homeownership in the UK has become one of the hardest financial milestones to reach, despite a £1.6trn mortgage market.

“Homebuyers, especially first-time buyers, are expected to save more, faster, while navigating an increasingly complex mortgage landscape. Tembo brings those pieces together in one platform, helping people save smarter with its innovative products, and access mortgages with confidence.”

---