Funding

Fintech Startup Noggin HQ Secures £710K in Pre-Seed Round Funding – FUNDING NEWS

May 1, 2024 | By Startup Rise EU

UK-based Noggin HQ, a fintech startup secures £710K in pre-seed round funding. Lead investor Oxford Capital was backed by SyndicateRoom, Bethnal Green Ventures, and a number of angel investors with specialised expertise in the subject.

UK-based Noggin HQ, a fintech startup secures £710K in pre-seed round funding. Lead investor Oxford Capital was backed by SyndicateRoom, Bethnal Green Ventures, and a number of angel investors with specialised expertise in the subject.

The money will be used by the business to grow both its operations and growth initiatives. Noggin HQ was founded by COO Laura Mills and CEO Evangeline Atkinson with the goal of enhancing credit availability for underserved populations, such as young adults, new immigrants, and renters.

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With the help of this money, they want to launch their first product—a pricing comparison website that will allow customers to buy goods on reasonable and open credit terms—much sooner.

Atkinson said, “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.”

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Tom Britton, founding partner at SyndicateRoom, said: “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.”

Nelly Lavielle, Investment Principal at Bethnal Green Ventures added: “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.

About Noggin HQ

Evangeline Atkinson and Laura Mills, two childhood friends, formed Noggin HQ. In their twenties, they were both turned down for a cell phone contract. They came to understand that millions of individuals in the UK are thought to be affected by this exclusion and wind up having to pay premiums in order to obtain necessities like mortgages, loans, and phone contracts.

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