For millions in the UK, their low credit score or the lack of it prevents them from borrowing money when they need it. British fintech Noggin HQ was founded to solve the problem and help the 14 million people in the UK who are facing exclusion due to their credit score.
In a recent development, the fintech startup founded by two women raised £710K in pre-seed funding. The round was led by Oxford Capital, and supported by Bethnal Green Ventures, SyndicateRoom (invested in Finexos and Silveray), and several domain-specific angels.
This funding will be used to accelerate the launch of their first product, a price comparison platform, where people can purchase products with fair and transparent credit terms.
Idea behind Noggin HQ
The company was founded by childhood friends Evangeline Atkinson and Laura Mills. They were both rejected for a mobile phone contract in their twenties. They realised that millions of people in the UK are estimated to be facing this exclusion and end up paying premiums to access vital services such as phone contracts, loans, and mortgages.
Apparently, they are on a journey to make access to credit equitable. After originally founding the company in London, they quickly moved Noggin back to their hometown in the North East, set on creating jobs in the region. Despite significant barriers to entry into the space, Noggin received FCA authorisation in December 2023.
Evangeline Atkinson, CEO of Noggin HQ 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”.
Laura Mills, COO of Noggin HQ: “As two women from the North East, we’ve had to overcome significant challenges to get to this stage. But as a result, we’re extremely intentional in our approach. And we’re unwavering in our commitment to do right by people.”
Richard Oakley, Senior Investment Manager at Oxford Capital said: “We’re thrilled to have had the opportunity to invest in Noggin HQ’s pre-seed round. Eva and Laura epitomise what we look for in founders at Oxford Capital, and I look forward to continuing to work with them on their journey to realise Noggin’s mission.”
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.
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.”
