Tembo

We've got big news...🥁 With interest rates falling, savings providers are following suit, meaning people will earn less interest on their hard-earned savings.
 But we're doing things differently. As of today, we're increasing the rate of interest on our Cash Lifetime ISA to a market-leading 4.75% AER (variable) 📈 That means Tembo savers could increase their house or retirement fund by hundreds more vs saving with our nearest competitors 🥳 But that's not all, Tembo savers can now access our award-winning mortgage advice, totally fee-free - that's a discount of up to £749 exclusively available to those saving with us 👏

With 2025 just around the corner, we're reflecting on the incredible journey our team has been on over the past four years⚡️ When we started out, Tembo was a team of four - working from hastily assembled home offices, living rooms, and a shed (!) in the middle of a global pandemic 🌍 Now, at the end of 2024, we're a workforce of nearly 100. We still work from (better equipped) home offices across the UK, although we have offices in London, Newcastle and Manchester. We still share the same determination to make home happen for those that don't believe it's possible 💪 Each year, and each new team member has brought unique opportunities, energy and ideas that have shaped Tembo to be the company it is today 🚀 Cheers to you Team Tembo 🥂 #letsmakehomehappen 🏡🐘

What’s better than investors who align with your mission? Investors who align with your mission AND send you cake… To celebrate the news of our recent Series B fundraise (led by Goodwater), Marcus and our friends at Love Ventures sent us a truly celebration-worthy cake. Thank you Love Ventures for the continued partnership & support, as well as your impeccable taste in sweet treats 🎂

Tembo has been named the 7th fastest-growing FinTech in Europe by Sifted 👏 We’re honoured to be in Sifted’s 250 Leaderboard 2024, which showcases the fastest-growing startups across Europe. We took 30th place overall, and 7th in our category. 🏡 Growing is something we’ve done a lot of over the past four years (and we plan to do a lot more of it), so we can make home happen for even more aspiring homeowners. Huge thanks & congratulations to our entire team for their hard work making our mission a reality, and a big shout out to all the other startups on the list! We’ve linked the full list of startups in the comments 👇 #Sifted250 #SiftedLeaderboards #StartupEurope #Growth

Is the job of modernising the UK’s housing stock falling to first-time buyers? Here’s some stats to chew on: 🤔 Almost 70% of renters would choose a fixer-upper to get onto the property ladder sooner vs buying a renovated home. 🏚️ A fixer-upper is on average 12% cheaper, a whopping £44,634! 🥶 Almost 3 million properties need improvements by 2030 to reach the government’s minimum EPC rating for rental homes. 📈 Recent data from Rightmove already shows the proportion of former rental properties on sale is at its highest point on record 🔨 Labour’s promise to drive the “biggest growth in affordable housebuilding in a generation” could take a decade to fulfil, not the five years promised. With house prices currently at 8x earnings, homes that need renovation offer a way to make that first step onto the ladder more affordable. And if more supply comes to market from landlords selling up, this could offer a way for many to buy while we’re still a number of years off from the government’s plans making a difference. But is it right that improving the condition of our houses is falling to those new to the housing market? Let us know what you think 👇

🗞️ Not one, not two, but dozens of press alerts… Last week, we revealed the news that Goodwater has led our Series B fundraise. Goodwater’s mission to enable businesses to bring positive change in the world perfectly aligns with our own - to make home happen for a new generation. As ever, thank you also to our existing investors Aviva Investors, Love Ventures, Ascension, Founders Factory and McPike – for your continued support 🤝 Now let’s see what 2025 has in store!

Scrolling on your way home? Say hi to Abi. 🏡 She's the friendly face there for our Lifetime ISA customers as they reach the end of their deposit saving journey and take their first step on the ladder. And who better to do it? As a recent Trustpilot reviewer put it: "Abi, you're a star! I am extremely grateful for all you've done in such a short-time. I can't thank you and team Tembo enough for helping me secure my first home." 🌟

💰 Millions will pay tax on their savings interest this year. Almost 2.1 million, up from almost 650,000 in the 2021/22 tax year. The Personal Savings Allowances (PSA) - which allows people to earn some savings interest tax-free - has remained at the same level since it was introduced more than 8 years ago. This means more people will see their savings interest eaten into by HMRC. Around 1 in 30 basic-rate taxpayers are expected to pay tax on their savings this year, up from less than 1 in 100 three years ago. It’s no wonder savers have piled £42 million into Cash ISAs in the first half of this year alone in a bid to protect their hard-earned money. But ISAs are still not used by all savers - despite their obvious tax relief benefits. Only a third (32%) of 18-25 year olds and almost 40% of 25-43 year olds have an ISA - even less have Lifetime ISAs, which are used by only 1 in 6 first-time buyers to buy their first home. Read the full article here 👉 https://lnkd.in/gXxuPEdZ

Team-building, Tembo style. Every year we take our team on our now *infamous* offsite. The location this time? Portugal, for some winter sun (and padel). As a hybrid team, our away day is a chance to reconnect, celebrate the year just gone and look ahead. What a year it has been. Amongst other things, we: 💰 Launched a savings app  👭 Grew our team by 85%  🏆 Named the UK’s Best Mortgage Broker (again) Every day our team goes above and beyond to make home happen for people across the UK. And this is our collective celebration of every great customer outcome, new app release, Trustpilot review, webinar, piece of press coverage, code release… the list goes on. Obrigado!

Two million will pay tax on their savings interest over the next two years 🤯 While higher interest rates are a good thing for savings, saving money in normal savings accounts will push more people into paying tax on their savings. The Personal Savings Allowance, which protects people from paying tax on their savings interest, has remained at the current levels since it was introduced more than 8 years ago. This means the number of people paying tax on their savings will almost double over the next two years, including around 1 in 30 basic-rate taxpayers this year - up from less than 1 in 100 three years ago. On the flip side, Bank of England data shows that £252 billion is sitting in accounts earning NO interest, and there will be more in accounts with below-average rates. While this means these savers are less likely to hit their tax-free limit, they also aren’t maximising their returns on their savings at a time when every penny counts.  Accounts such as Lifetime ISAs and Cash ISAs offer a way to protect savings interest from the taxman while benefiting from high interest rates. It’s why at Tembo, we’re proud to offer the market-leading rate with our Cash Lifetime ISA, helping would-be buyers and those saving for retirement make the most of their money. Read the full article here 👉 https://lnkd.in/ePmF7YbS