First-time buyer and family mortgage specialist Tembo has completed the acquisition of lifetime ISA provider Nude Finance.
Under the terms of the deal, which has recently been approved by the FCA, Tembo will acquire 100% of the shares in Nude Finance Limited
Tembo’s chair Jenny Watts will also become chair of the Nude Finance Board and Richard Dana, CEO of Tembo, will assume responsibility for day-to-day management of the Nude business.
Crawford Taylor will step down as Nude CEO but will continue to provide advice to the team.
Tembo said the acquisition will allow it to further develop its proposition to help the next generation of future homeowners get on the property ladder sooner.
Nude is a digital savings and investment platform that helps customers save towards a deposit to buy their first home.
Tembo said the deal will enable it to offer its customers Nude’s Lifetime ISA.
And Nude customers will also be able to take advantage of Tembo’s mortgage broking service from within the app.
Tembo founder and CEO Richard Dana said: “We’ve already been working with Nude over the past year and there is huge synergy in helping savings customers as they navigate the mortgage and homebuyer process. The broader Tembo proposition puts home at the heart of personal wealth – for most people and their families their most treasured and valuable asset.”
Nude founder and CEO Crawford Taylor added: “Nude helps people set a goal, engaging and motivating them and being with them every step of the way, starting with home ownership. Tembo has a very similar approach centred around home ownership and the acquisition is a perfect fit led by three very talented founders.”
