Plend EIS

The problem

Over 23 million adults in the UK struggle to access affordable credit, due to having a poor or no credit score. In many cases, the scoring may be inaccurate or out of date, because conventional methods are unable to capture real financial behaviour.

Moreover, traditional bureau methods can reinforce systemic inequalities based on wealth, background or geographic location, creating a “postcode lottery”.

As a result, a recent study found 29% of people in the UK feel locked out of the financial system (50% for those on low income). 38% say their credit score negatively impacts their access to financial services, and many feel forced toward predatory options like payday loans or high-interest credit cards with APRs of 40% or more.

Plend’s solution

Plend uses open banking and machine-learning-driven affordability analysis to offer loans based on real-time financial behaviour.

Its proprietary Plend Engine® assesses loan affordability by analysing the applicant’s earnings and spending habits, enabling fairer and smarter lending decisions. The platform offers unsecured personal loans of £1,000–£15,000 over 1–5 years, with an average APR of c.23%. Plend lends through its FCA‑regulated subsidiary, Plend Limited.

Plend estimates around 80% of its customers would otherwise be locked out of affordable credit.

The Company has also launched an embedded credit API, Powered by Plend®. This enables partner businesses and organisations to integrate affordable credit options directly into their platforms.

Plend is the UK’s first consumer lender to become B-Corp certified, and was named Alternative Lender of the Year 2024. Customers have rated Plend “Excellent” on Trustpilot, with an average 4.9 stars out of 5.

Why consider investing?

The current round is led by Rippon Capital, a £1 billion UK growth capital and investment fund founded by Paul Rippon, the co-founder of both Monzo and Starling Bank. Paul also sits on Plend’s board.

Backers include other investors associated with Monzo and Starling Bank as well as Nationwide Building Society and Oodle Car Finance. Institutional backers include Active Partners, Ascension Ventures and Haatch Ventures.

The Company generates revenue primarily through interest income and increasingly through embedded lending partnerships. To date, it has originated over £22 million of loans, with a live loan book of approximately £12.1 million.

With funding from this round, Plend projects its loan book to reach £115 million by 2027, with an average 23% APR and cumulative defaults at 4-5% – not guaranteed.

The Company considers its technology to be materially better than a traditional credit bureau at assessing near-prime risk. The Plend Engine® uncovers valuable insights, including potential red flags such as returned payments, gambling activity, Buy-Now-Pay-Later usage and credit stacking. Management believes this has resulted in a safer loan book, better predictive power and improved lending outcomes.

In addition, integrating with partner Clearscore’s open banking data has boosted pre-approval rates and affordability.

Plend plans include transitioning from a lender to a smart financial partner: working together with digital-only banks and embedded lending engines to use AI decisioning to achieve smarter credit, dynamic pricing, proactive risk management, and automated operations.

The opportunity

Plend is now seeking to raise £2.5 million under EIS at a £35 million pre-money valuation. £2.25 million has already been committed, including £1 million from Rippon Capital, which is leading the round, and £250k from Haatch Ventures. Wealth Club investors have an allocation for the remaining EIS capacity of £250k, managed under the Haatch EIS fund structure – the minimum investment is £20,000 and you can apply online.

Plend also has a debt stack in place (funding sources used to make loans). Rippon Capital has committed a mezzanine facility of up to £100 million, with an additional £150 million of senior debt provided by Triple Point and Paragon Bank.

This is intended to support the scaling of Plend’s loan book, reducing reliance on future equity raises and enabling growth to £6 million monthly originations, expected by 2027. The Company forecasts profitability by Q3 2027 (EBITDA of £0.1 million), reaching £6.8 million in FY30 on a £155 million book – forecasts are not guaranteed.

Management believes the Company could be an attractive acquisition target for banks, neobanks, bureaus or private equity. Peers like Lendable ($4.3 billion valuation) and Abound (£500 million valuation) show strong demand. Management believes Plend’s earlier-stage valuation (£35 million) could offer investors entry at a lower benchmark – you should form your own view.

Haatch believes the investment could deliver a return of c.5x – high risk and not guaranteed.

This is a single company offer with no diversification. It involves investing in an early-stage, loss-making business, which is by nature high risk and prone to failure. There is a risk that the capital raised may not be sufficient to achieve the Company’s objectives. You could lose all the amount you invest.

There is no ready market for unlisted EIS shares: they are illiquid and hard to sell and value. There will need to be an exit for you to receive a realised return on your investment. Exits are likely to take considerably longer than the three-year minimum EIS holding period; equally, an exit within three years could impact tax relief.

To claim tax relief, you will need an EIS3 certificate, normally issued once shares have been allotted. This can take several months: please check the deployment timescales carefully. Tax reliefs depend on the company maintaining its EIS-qualifying status. Remember, tax rules can change and benefits depend on circumstances.

Before you invest, please carefully read the Information Memorandum which contains further details on the considerable risks – alongside the Wealth Club Risks and Commitments.

Please note: the Company is expected to be included in the current tranches of Haatch’s funds.

Investors will invest in Plend only via the Haatch EIS fund, an Alternative Investment Fund. The fund is managed by Haatch Ventures LLP, whilst Apex Unitas Limited (Mainspring) will act as the custodian and administrator. Wealth Club Limited is the introducer of this offer.

The investment is expected to be EIS-qualifying – not guaranteed.

Wealth Club investors will invest at the same price and on the same terms as the other investors in this round.

All the services Wealth Club and, where applicable, its subsidiaries provide are governed by the Terms and Conditions of the Wealth Club Services.

Fees

A set-up and management fee of 6% will be payable to Haatch. This fee will be deducted from your subscription and will reduce the amount invested and on which tax relief can be claimed. There is also a fee of 4%, charged to the company.

Haatch will also receive a performance fee on returns over £1 per £1 invested: 25% on proceeds between 1x and 5x, 30% on proceeds over 5x.

Haatch will share these fees 50/50 with Wealth Club. This will not involve any additional costs to investors.

The fees and charges above are stated exclusive of VAT, which applies in some cases, as determined by the manager. Please check the VAT position carefully in the offer documents.

This financial promotion has been communicated and approved by Wealth Club Ltd on 11 May 2026

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.