Award-winning first-time buyer and family mortgage specialist Tembo has finalized the acquisition of Nude Finance, marking a significant step in expanding its unique proposition aimed at aiding the next generation of homeowners in entering the property market sooner.
With this acquisition, Tembo gains access to Nude’s acclaimed Lifetime ISA, enriching its suite of services for customers. Additionally, Nude’s clientele will now access Tembo’s award-winning mortgage broking service directly through the app.
Deal Structure and Leadership Transition:
Under the terms of the agreement, Tembo secures full ownership of Nude Finance Limited, subject to approval by the Financial Conduct Authority (FCA). Jenny Watts, Tembo’s Chair, assumes the role of Chair of the Nude Finance Board, while Richard Dana, Tembo’s CEO, takes over day-to-day management of the Nude business. Crawford Taylor, former CEO of Nude, steps down from his position but remains involved in an advisory capacity.
Continued Support and Growth Prospects:
Tembo remains backed by its dedicated investors, including Aviva, Ascension & Fair By Design, Love Ventures, and the McPike Family Office. Richard Dana expressed excitement about collaborating with Nude’s talented team, emphasizing the two companies’ alignment in values and objectives.
Strategic Outlook and Growth Trajectory:
The acquisition positions Tembo to build upon its success in 2023, projecting continued profitable growth in 2024. With a focus on scalability and innovation, Tembo aims to further assist customers in achieving homeownership aspirations through its digital platform, facilitating collaborative financing solutions among families and friends.
Recognizing the challenges first-time buyers face in saving for deposits amid rising living costs, Tembo emphasizes the importance of larger deposits in accessing favorable mortgage deals.
On average, Tembo customers possess a deposit of £74,000, enhancing their purchasing power in the housing market.
Empowering Savings with Nude’s Innovative App:
Nude Finance’s award-winning app streamlines the savings process for aspiring homeowners, enabling them to set goals and monitor expenses efficiently.
Leveraging the Lifetime ISA benefits, first-time buyers receive an annual £1,000 bonus for every £4,000 saved, expediting the path to homeownership.
Nude’s customer base 20,000 is anticipated to grow substantially, supported by planned enhancements to the platform.
Shared Vision for Financial Empowerment:
Crawford Taylor, Nude’s Founder and CEO, underscores both companies’ shared mission of empowering individuals through financial education and support.
He highlights Nude’s commitment to being a trusted financial companion, guiding customers toward their homeownership goals and beyond.
The acquisition marks a strategic alignment between Tembo and Nude, poised to redefine the financial services landscape for aspiring homeowners, fostering financial inclusivity and empowerment.