OakNorth Bank completes £6.5Mn funding to MoneyPlus

Founded in 2010 and headquartered in Manchester, MoneyPlus helps heavily indebted consumers to get their finances back on track. The firm’s advisers negotiate with lenders to achieve reductions in customer debts which are subsequently addressed through affordable monthly repayment plans.  

Since 2019, MoneyPlus has pursued a buy and build strategy, expanding its services portfolio and the overall scale of its operations. Last year, it secured an investment from Intriva Capital, an investment firm partnering with mid-market businesses throughout Western Europe. The capital from OakNorth Bank will enable the business to scale up its operations to manage an expected increase in demand over the next few years amidst the cost-of-living crisis.  

Chris Davis, CEO and co-founder, commented: “Our mission is to help people live better lives, free from the anxieties and stress that come from being financially overstretched. As the cost-of-living crisis intensifies, we’re seeing a surge in new customers who have sadly fallen into arrears.  

“This funding from OakNorth will enable us to build scale in our platform, helping thousands of additional people to emerge from a difficult economic period in a stronger and more secure position.”   

Stewart Haworth, debt finance director at OakNorth Bank, continued: “The combination of rising energy bills, ongoing supply chain issues, and residual Brexit and COVID-19 impact, is placing unparalleled pressure on UK consumers.  

“Businesses such as MoneyPlus will play a vital role in supporting these consumers in navigating the financial challenges the next few months and years will present. With a proven management team and business model, MoneyPlus is ideally placed for market growth and managing the increased demand it will see for its services.”