Renewables lender Propensio Finance Secures £50m of new funding
High street bank NatWest has led a substantial debt funding round into Propensio Finance, adding significant firepower to the company’s mission of providing access to finance for customers wanting to invest to improve the carbon footprint of their homes, be it renewable energy, energy efficient boilers or upgrading insulation.
Propensio was founded in 2018 by sector veteran Dave Hindle who secured a debt and equity investment from Quilam Capital to grow the business. Since launch Propensio has grown to become the UK’s leading non-bank provider of point-of-sale solutions to the home improvement and renewable energy sector, and over this time the business has enabled over 5,000 households to make green financial choices. Propensio additionally offers leisure funding for UK holidays homes.
“Every homeowner should have the right to make greener financial choices when investing in their homes, and at Propensio we have set ourselves up to provide finance solutions for all customers”, explains CEO and founder Dave Hindle. “Our ethos is to combine technology alongside human assessment to offer finance options across the full credit spectrum as we believe all consumers should have the choice they deserve when making investment decisions for their home”.
Propensio is the only lender in the home improvement finance market to offer financial solutions across the full credit spectrum.
Hindle added, “This new debt facility provides Propensio with more fuel to grow and offer customers this important choice in green investment. This is a market ripe for innovation and we are only scratching the surface to date with the scale of the opportunity which we expect to continue to grow rapidly. NatWest are a great partner who are aligned with our ESG mission, not just to offer green finance solutions for homes but to offer accessible credit across the spectrum”
Rob Lamont, Director at NatWest, commented, “It is fantastic to support Propensio as they continue to provide consumers with financing options to make green decisions when upgrading their homes. As a leading bank for financial capability alongside our strong ESG agenda, NatWest is pleased to be supporting this business as it continues to accelerate the green agenda and financial inclusion”.
Kieran McSweeney, Partner at Quilam Capital said, “Propensio has grown significantly since our first investment whilst staying true to their roots of providing a market leading customer service supported by innovated technology to fully understanding customer’s circumstances and suppliers. This is an exciting investment for us which we are delighted to continue to support alongside NatWest”.