Amplifi Capital (U.K.) Limited, the fintech disruptor behind the brands My Community Finance and Reevo Money, has secured £50m in debt funding from M&G plc.

Amplifi Capital’s technology has revolutionised the credit union sector in the UK. As a credit broker, it has helped credit unions to issue savings and loan products to over 100,000 customers in the UK with a total loan book of over £350,000,000.

Since its launch in 2018, Amplifi Capital’s innovative fintech platform, My Community Finance, has collaborated with two of the fastest-growing credit unions in the UK, helping thousands of credit union customers with its superior technology platform.

The support from M&G is a pivotal moment for Amplifi Capital because its primary objective as a credit broker is to facilitate access to credit products to the estimated 20 million consumers in the UK that are underserved and unable to access credit from high-street banks.

The backing of M&G means Amplifi Capital can support the growth of credit unions in the UK, making them a viable alternative for savers and borrowers, empowering more consumers by providing access to affordable credit products, which in the future will include credit cards and car loans that are often out of reach for many underserved households.

Vincent Charles-Gervais, ABS portfolio manager, M&G Investments, said: "M&G is pleased to have supported Amplifi Capital's mission to provide affordable credit to underserved communities in the UK. We firmly believe that Amplifi Capital's innovative credit approach will have a significant influence on the credit union sector in the UK, and we eagerly anticipate the company's ongoing success."

Tobias Gruber, CEO of Amplifi Capital (U.K.) Limited said: "We’re thrilled to receive the backing of M&G as we continue to expand our operations and enhance our product offerings. With this investment, we will extend our support of the credit union sector in the UK, helping it to reach its full potential."