Global levels of homeownership are in decline. In the UK, the rate has dropped from around 75% of households owning a home to closer to 65% over the past 20 years. The driving factor has been the steep decline in mortgage affordability for first-time buyers, locking millions out of the housing market. This is what Tembo is on a mission to improve.

Unlike traditional brokers or high street banks, Tembo’s approach goes beyond standard affordability calculators. By harnessing proprietary underwriting technology, the platform explores creative and responsible ways to stretch affordability - from involving family members and friends in the mortgage process to exploring innovative tenure options such as shared ownership or part-rent schemes.

The result is a tailored solution for each customer that unlocks pathways to homeownership that most mainstream lenders cannot provide. This combination of personalisation and technology makes Tembo distinct in the market and allows them to help people who have been turned down elsewhere.

At the heart of Tembo’s growth has been its proprietary underwriting and technology platform, which enables a level of flexibility and creativity that traditional lenders simply cannot match. This has become the company’s core USP: being able to say “yes” where others say “no.”

Product innovation has also been a major driver. One standout example is the launch of Tembo’s savings product. By helping customers save towards a deposit while nurturing them within the Tembo ecosystem, the company is able to build trust and convert savers into mortgage customers at a much higher rate than direct inbound leads. This dual funnel - mortgage-first customers and nurtured saver - has created a strong foundation for scale.

These product-led growth drivers have been supported by a clear tailwind: the urgent need to address declining affordability for first-time buyers. With affordability challenges unlikely to ease in the near term, Tembo has positioned itself at the centre of one of the most pressing financial problems for younger generations.

There have been many moments of change in Tembo’s journey, but one that stands out is the collapse of Silicon Valley Bank. Overnight, the company was unable to access its funds and was forced to turn off all marketing spend. To the team’s surprise, sales were unaffected.

The experience highlighted the strength of Tembo’s underlying product and distribution model as customers continued to come through the door even without marketing. It also reinforced the importance of resilience and financial prudence. Since then, the team has been more cautious and disciplined with marketing spend, ensuring that growth is sustainable and not dependent on high burn.

Tembo’s relationship with Love Ventures began unconventionally. The fund initially passed at Seed stage but returned for a future round, having seen the team’s progress and conviction in the mission. Since then, the relationship has gone from strength to strength.

Beyond capital, Love Ventures has provided meaningful introductions, hosted industry events that have opened doors for the team, and continued to back Tembo in subsequent rounds as the company has scaled.

So much! Our vision is to be a digital wealth platform built around the home. We’re on track to serve over one million customers and support one in five first-time buyers in getting on the property ladder.

The next two years will be about scaling both reach and impact - moving from a specialist mortgage provider to a category-defining platform that rethinks how households build and manage wealth through property. For customers, this means more routes into homeownership, more innovative financial products, and a trusted partner at every stage of the journey.

Love Ventures first invested in Tembo at pre-Series A through our EIS Fund and has remained a strong supporter ever since. In November 2024, we supported Tembo's Series B - led by US-based Goodwater - with investment via the Love Ventures Co-Investment Service.

As one of the standout companies tackling the UK’s housing affordability crisis, Tembo embodies the kind of mission-driven innovation Love Ventures seeks to back. We’re proud to support Richard and the team as they work towards helping a new generation of buyers step onto the property ladder.