Consumer debt advice provider secures funding from OakNorth Bank for expected surge in demand
Manchester-headquartered debt advice business MoneyPlus has upsized its loan from OakNorth Bank as it expects demand to surge amidst the cost of living crisis.
OakNorth initially provided a £6.5m loan to the group in September 2022 to scale up operations, this latest undisclosed tranche will fund the Money Plus’s latest customer and talent acquisition programmes.
In April, TheBusinessDesk.com reported that MoneyPlus had purchased Exeter-based InControl Debt Solutions, one of the South West’s largest providers of debt solutions and had bought Bright Oak in February.
Chris Davis
Chris Davis, CEO and co-founder of MoneyPlus, commented: “As we continued to see a heightened demand for our services in 2023, which saw the demand for our services increase by more than 200%, we knew we could turn to Stewart and the team at OakNorth once again to provide us with the capital we needed to further accelerate our growth – both in terms of customer numbers and staff headcount. The speed at which they worked was key to getting the transaction over the line, meaning we are now perfectly positioned to support more people get themselves into a better financial position. ”
He said MoneyPlus “takes pride in offering financial services that can help consumers overcome their troubles with debt once and for all, in addition to providing jargon-free legal support that ensures someone is always on their side.”
Advisers typically negotiate with lenders to achieve reductions in customer debts which are subsequently addressed through fully budgeted monthly repayment plans, either through debt management plans (DMPs) or individual voluntary arrangements (IVAs).
Stewart Haworth, Director of Debt Finance at OakNorth Bank, added: “As individuals and families across the UK continue to struggle with the cost of living and a high inflationary environment, the services that firms such as MoneyPlus offer become even more vital. As a result of its proven management team led by Chris and his senior partners, we were delighted to once again provide funding to support the group’s ambitious growth strategy. Looking forward, MoneyPlus are in a strong position to help more consumers than ever before relieve the financial baggage that comes with day-to-day life, and we look forward to supporting them again in the future.”
OakNorth Bank’s Manchester team has over 50 staff and is looking to expand to new premises. The bank launched in September 2015 and was founded by entrepreneurs, Rishi Khosla and Joel Perlman, who had previously founded Copal Amba.
The bank focuses on providing loans of £0.5m–£25m as well as savings accounts.
