New UK lending fintech OnLadder receives funding

UK fintech OnLadder has received £275,000 in an angel funding round led by Monzo co-founder Paul Rippon.

OnLadder receives angel funding

The round was also supported by mortgage industry experts and people “passionate about homeownership”.

OnLadder says that it seeks to make buying a home affordable for first-time buyers by providing a flexible form of deposit financing.

The start-up says the funds will be used to progress through the FCA authorisation process, solidify key partnerships and build out its initial operations ahead of launch.

“It’s time for the stark choice of rent or buy (with a mortgage) to be joined more subtly giving more people greater financial flexibility with their home,” says Ripon.

“The OnLadder team are doing that while considering the interests of customers and other stakeholders in the digital age.”

According to its website, with an OnLadder loan, the company will lend the deposit for a home as a percentage of the property. When the customer decides to pay it back, OnLadder charges a slightly higher percentage of the property’s value at the time of repayment.