UK Neobanking Fintech Perenna Secures £42M to Support Mortgages Launch

Perenna is pleased to announce they’ve raised over £42m in our latest fundraise, which was reportedly “led by Silverstripe Investment Management, alongside participation from existing investors.”

This successful fundraise is a major milestone for Perenna’s rapidly growing company, and “testament” to the great team they have. The Fintech firm will be using the funds to exclusively launch the Perenna mortgage “to selected borrowers initially, opening up to the wider public later this year. ”

Their product can be as attractive “to first time buyers as it is to those wanting to borrow into retirement.”

Combining security and flexibility, a Perenna mortgage “allows borrowers to fix their rate for up to 30 years, providing peace of mind that mortgage payments won’t change during that time. ”

No new deals, “no rising rates, no shocks.”

Perenna is on a mission to create a nation of happy homeowners.

Perenna further explains that it is “building an innovative digital mortgage bank that will revolutionise the UK mortgage market.” For decades, consumers in the UK have “seen very little mortgage product innovation and lending processes remain largely inefficient, inflexible and slow.”

Their launch product will be “a flexible 30 year fixed rate mortgage providing full payment certainty and protecting borrowers against interest rate rises.” Their new technology platform is “the most advanced in the mortgage market.”

Mortgages are approved rapidly, and you can track every part of the journey on your mobile

Recently, the firm received their full banking license from the Prudential Regulation Authority and Financial Conduct Authority.

This marks a key milestone for them, “allowing us to introduce our innovative long term fixed rate mortgage products to the UK.”

Unlike the US, Denmark and other European countries, the UK market is dominated by variable and short-term fixed rate products.

They leave mortgaged households dangerously “exposed to rising rates and first-time buyers struggling to get on the housing ladder.”

Due to this, more than a million UK households are “facing an increase of over £500 to their monthly mortgage costs by the end of 2026.”

In the UK, borrowers are forced “to speculate on their biggest debt due to the limited choice of products, which is not the case in other countries.”

Their proposition is created “by a funding model which relies on issuing covered bonds to investors seeking long-term stable income, such as pension funds and insurance companies.”

This allows them to “develop a range of innovative products aimed at addressing structural problems in the mortgage market for first time buyers, second steppers and later life homeowners.”

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