The money will help more members avoid high-cost, unethical lenders and manage their finances throughout the UK's cost-of-living crisis. One in six (16%) UK adults will need to borrow in the next months, according to Creditspring. Creditspring wants to provide £100 million in fixed-cost subscription loans to its users by 2022. In 2021, £25 million was lent. 

Creditspring members have expanded by 50%, from 100,000 to 150,000, since the start of 2022, and the firm hopes to recruit another 200,000 by the end of the year. 14,000 new members registered to join the Stability Hub, a free platform that provides personalised support and concrete advice to encourage informed financial decision making. 

With rising energy bills and goods prices, diminishing real income, and rising inflation, it's no surprise that many are seeking financial help. According to the Financial Stability Tracker, one in four (39%) persons with low salaries (under £10,000) are afraid for their financial future. 

The fintech will also focus cash on developing the workforce, seeking to quadruple the staff base by the end of the year and hiring 30 people in this quarter alone. It's hiring in data, engineering, and customer operations. 

Neil Kadagathur, Co-Founder and CEO of Creditspring, says:

The company's recent growth shows how many people in the UK need financial help. As more people borrow to withstand the cost of living problem, predatory lenders can target them. Never has it been more crucial to help individuals avoid unsustainable debt than now. 

This fundraiser allows us to help UK residents develop financial stability with inexpensive financing and effective advice. 

Chip Dunn, Founder and CEO of Monomyth Group, says:

"Creditspring is a key disruptor in the lending business, providing a much-needed alternative to high-cost, short-term loans. Its pioneering subscription financing approach makes lending more inclusive, responsible, and fair. Creditspring is generating great change for Brits, and we're delighted to work with them". 

Creditspring's subscription model is a fixed-cost, low-risk credit solution with transparent repayments, capped prices, and no hidden charges. By paying a fixed price to access credit, customers can evaluate the true cost of borrowing, reducing the possibility of a debt spiral.