Fintech start-up disrupts market for new buyers
SCOTTISH fintech start-up Nude, which helps people save for their first home, has raised over £3 million after launching a Seedrs crowdfunding campaign and surpassing virtually all of its £3.5m target since going live on July 6.
Glasgow-based Nude, a new savings account, financial coach and app, has been designed to “stand up” for first-time buyers and help aspiring homeowners better understand their finances and the homebuying process. Its founders say it will help them to save and buy their home faster than the current “outdated home-buying experience” which is “unfair”.
The company has surpassed 97 per cent of its target, much of which was secured before the campaign was fully launched to the public earlier this month.
Crawford Taylor, chief executive and co-founder of Nude, said: “The challenges facing young people are huge with a massive wealth imbalance, a complex financial system and little help. We’ve been planning, testing and building Nude to make the financial world fairer and easier, starting with helping people buy their first home faster and easier than ever before.”
Mr Crawford, a former partner of actuarial firm Hymans Robertson, founded Nude with Marty Bell, co-founder of Tens sunglasses, Kate Mckay, a former partner at an angel investor syndicate, and Stephen Doherty, previously with Hymans Robertson and RBS.
Last year, the business raised £1.7m in growth capital and received a £440,000 SMART: Scotland innovation grant from Scottish Enterprise. Investors in this funding round include the UK Government’s Future Fund.
The ambitious start-up also plans to apply for a banking licence to launch Nude mortgages as “part of its journey to become one of the most exciting finance companies in the world”.
Marty Bell, chief marketing officer said: “We don’t think the financial world is very friendly or easy. We’re here to change that. Nude is like having a friend that’s really good with money with you all the time.”