Creditspring is on a mission to make emergency borrowing simpler and safer. No more debt spirals.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | www.creditspring.co.uk/ |
Sectors | Finance & Payments Digital B2C |
Company number | 10522518 |
Incorporation date | 13 Dec 2016 |
Investment summary
Business highlights
- Over 150k members- 10x growth in paid memberships in 18 months
- Over £600k MRR- And over £11m revenues contracted life to date*
- Strong unit economics- 20/1 LTV/CAC on a gross basis
- Customers love us- 4.7/5 stars across two platforms
Idea
Introduction
Inflation is here. As a result, emergency borrowing is going to be more and more necessary across the UK. Yet most options come with confusing terms, high costs and risks of debt spirals.
At Creditspring, we're on a mission to make emergency borrowing safer, simpler, and less stressful. We do this by removing interest charges that can spiral out of control and swap them for a fixed monthly membership fee.
By removing interest rates we offer two unique value propositions that very few other lenders can claim, 1) It's very easy to evaluate the true cost of borrowing and 2) Your costs will never increase, meaning no more risks of a debt spiral.
While our no-interest loans are our USP, that's not all. We support members along the way with personalised scores, financial education, credit building and more.
More than just a lender, a Creditspring is as an operating system for people who want to improve their finances.
Monetisation strategy
Creditspring mainly generates revenues from membership fees. We have 4 membership plans, with 3 of them paid (Step, Core, Plus) and one free (Silver).
99% of our revenues come from the above membership fees right now, but we see potential in future platform fees connected to our Stability Hub.
The company projects a gross profit (what is left of revenues after taking out funding costs and credit losses) on the past 34 consecutive lending cohorts.
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