NEWCASTLE UPON TYNE, APRIL 2024 – Noggin HQ, founded to solve the “credit invisible” problem facing 5.8 million in the UK, today announced it has raised £710,000 in Pre-seed funding from leading investors, including Oxford Capital, Bethnal Green Ventures and SyndicateRoom.
For millions in the UK, their credit score (or lack of one…) prevents them from borrowing money when they need it. Noggin HQ is on a mission to improve access for this excluded group, disproportionately made up of young people, recent immigrants and renters.
Despite significant barriers to entry into the space, Noggin received FCA authorisation in December 2023. This funding is being used to accelerate the launch of their first product, a price comparison platform, where people can purchase products with fair and transparent credit terms.
“When I was rejected for a mobile phone contract, what stuck with me was the extreme lack of transparency and control. With 1 in 3 UK adults now estimated to have difficulty accessing products from mainstream lenders, a solution is much needed“
Eva, CEO of Noggin HQ
For the Newcastle-based company, founded by childhood friends – Evangeline Atkinson and Laura Mills – this marks a significant step on their journey to make access to credit equitable. After originally founding the company in London, they quickly moved Noggin back to their hometown in the North East, set on creating jobs in the region.
“As two women from the North East, we’ve had to overcome significant challenges to get to this stage. But as a result, we’re extremely intentional in our approach. And we’re unwavering in our commitment to do right by people”
Laura, COO of Noggin HQ
The round was led by Oxford Capital, and supported by Bethnal Green Ventures, SyndicateRoom and several domain-specific angels. All those who participated firmly believe in the vision behind Noggin HQ and are motivated by the impact that can be achieved.
For more information or to check-out Noggin’s product, please visit www.nogginhq.com/
Quotes:
Richard Oakley, Senior Investment Manager at Oxford Capital says: “We’re thrilled to have had the opportunity to invest in Noggin HQ’s pre-seed round. Eva and Laura epitomise what we look for in founders at Oxford Capital, and I look forward to continuing to work with them on their journey to realise Noggin’s mission.“
Nelly Lavielle, Investment Principal at Bethnal Green Ventures says: “The conventional one-size-fits-all approach to credit risk assessments excludes millions of people in the UK alone. We’re really excited to continue supporting Noggin’s mission to enable more equitable access to credit, and look forward to working with Laura and Eva to deliver on their impact and commercial targets for years to come.
Tom Britton, Founding Partner at SyndicateRoom says: “I moved to the UK several years ago, so I’ve experienced the difficulties that Noggin’s product alleviates first-hand. We’re delighted to be backing such a determined team tackling a problem that so many have faced for far too long.”
About Noggin HQ
Noggin HQ is on a mission to make access to credit equitable. Initially founded to solve the “credit invisible” problem facing millions in the UK, their only focus is making credit referencing work for people.
About Oxford Capital
Backing founders since 1999, and based in one of the greatest knowledge clusters in the world, Oxford Capital is committed to investing in the most promising early-stage startups across the UK, and supporting founders in the journey to realise their potential.
About Bethnal Green Ventures
Bethnal Green Ventures is Europe’s leading early-stage tech for good VC. They invest in ambitious and diverse founders using technology to create positive impact at scale. BGV has unrivalled experience and track record investing in and scaling tech for good businesses, generating top-tier returns for investors, as well as significant and measurable impact.
About SyndicateRoom
SyndicateRoom’s Access EIS Fund is a data-driven fund that invests alongside angels from its network who have a proven track record of success. This allows it to build portfolios of around 50 startups per deployment for each of its investors, giving them a diverse holding that is calibrated for optimal performance.
