Creditspring raises £2m investment establishing its advisory board

A successful investment round amounting to £2m has been announced for consumer credit startup, Creditspring.

The funding received will go towards product development, team expansion and market launching, with the company’s lead investor and BDT Capital veteran Chip Dunn becoming non-executive chairman of the board.

Creditspring was founded by Neil Kadagathur and Aravind Chandrasekaran, based on the conviction that the UK’s ‘overpriced, complicated’ consumer credit market was leaving too many people worried about finances.

Drawing from their own experiences in the financial industry - having worked for the likes of Goldman Sachs, JPMorgan Chase and Deutsche Bank - they aimed to give people credit in a safer, simpler way.

Kadagathur commented: “What do you do when the fridge breaks, the MOT bill is bigger than expected or your child has an unexpected school trip? For too many people, it’s a very narrow and very scary list of options. We’re building a product to change that.

“This investment will help us give people a better option, and the belief and support that Chip, Brian, Parag and Jason have demonstrated by joining us makes me extremely confident that this will succeed in addressing the UK market’s needs.”

Chip Dunn brings more than 22 years of experience in principal investing, M&A and strategic advisory. He is to closely be involved with the business as it develops.

He added: “I’m thrilled to join Creditspring as an investor and board member. They are building a fantastic team and great business model on a solid technological base.

“What’s more, they’re fulfilling a genuine social and market need - I’m looking forward to working with Creditspring as they go from launch to market leader, starting in 2018.”

Creditspring has applied to the FCA for full permission for consumer credit, with plans to release more details and launch its first product early next year.

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