Ethical lender Salad has secured a 67 per cent increase in its facility agreement with family office Ceniarth, taking the total to £2m.
The investment, which is part-guaranteed by financial inclusion firm Fair4All Finance, builds on the previous £1.2m loan to Salad in 2023.
Read more: InRento sales revenue grows 53pc to €1.1m
The extra investment will enable Salad to meet ‘rocketing’ demand, it said, which will save more borrowers hundreds of pounds in interest compared with loans from higher-cost lenders.
Salad focuses on serving full-time workers who are excluded from mainstream credit because they have a limited or poorly-rated credit history. Instead, it uses open banking and human reasoning to make lending decisions.
Read more: Lendermarket hits €500m invested with €30m earned in interest
“Many of our customers would be turned down by lenders which use credit scores, leaving them with limited, expensive options when they need credit,” said Tim Rooney, chief executive of Salad.
“As valued long-term partners to Salad, Ceniarth and Fair4All Finance share our determination to build financial resilience and inclusion.”
Read more: UK government to take ‘reserve power’ to force pension schemes to invest in private markets
