Amplifi Capital lands £22.5m funding to fuel Reevo Money expansion
Amplifi Capital, the fintech behind UK financial services brands My Community Finance and Reevo Money, has secured £22.5 million in funding from M&G Investments.
Amplifi Capital lands £22.5m investment
The UK-based company, which specialises in near-prime consumer lending, will use the new financing to expand its personal loan platform Reevo Money across the country.
Reevo Money was launched by Amplifi Capital in 2022 and is the firm’s second customer-facing brand.
Its first customer-facing brand, My Community Finance, was introduced in 2018 and provides the infrastructure to connect customers with loans and savings products offered by two domestic credit unions, My Community Bank and Castle Community Bank.
The company claims to have 120,000 active customers and has disbursed over £1 billion in loans.
The recent financing from M&G builds on the £50 million it invested in Amplifi Capital last June and complements the £100 million credit facility committed by NatWest last September.
Tobias Gruber, CEO of Amplifi Capital, states that M&G’s investment provides financing to Reevo Money at an “important time” and will enable the company to continue offering its customers access to credit when traditional lenders have “turned them away”.
Amplifi Capital adds that the investment will “further bolster the company’s mission to provide as many customers as possible with access to affordable lending, so they can confidently pursue their financial goals”.
