A Tyneside fintech firm has secured 拢710,000 in seed funding to launch a new price comparison platform aimed at those who are 鈥渃redit invisible鈥.

Newcastle-based Noggin HQ was launched by childhood friends Evangeline Atkinson and Laura Mills to help the millions of people who are prevented from borrowing money when they need it because of their credit score, or the fact they don鈥檛 have one. The pair, who received FCA authorisation last December, want to improve access for the excluded group, which is disproportionately made up of young people, recent immigrants and renters, because credit checks rely heavily on credit history data which doesn鈥檛 exist for people who have never borrowed money before.

Noggin HQ has raised the six-figure sum from investors including Oxford Capital, Bethnal Green Ventures and SyndicateRoom, to accelerate the launch of the first product, a price comparison platform where people can purchase products with fair and transparent credit terms. After originally founding the company in London, Ms Atkinson and Ms Mills quickly moved Noggin back to their home city, set on creating jobs in the region.

Ms Atkinson, CEO, said: 鈥淲hen I was rejected for a mobile phone contract, what stuck with me was the extreme lack of transparency and control. With one in three 海角视频 adults now estimated to have difficulty accessing products from mainstream lenders, a solution is much needed.鈥

Ms Mills, COO, said: 鈥淎s two women from the North East, we鈥檝e had to overcome significant challenges to get to this stage. But as a result, we鈥檙e extremely intentional in our approach. And we鈥檙e unwavering in our commitment to do right by people.鈥

The round was led by Oxford Capital, and supported by Bethnal Green Ventures, SyndicateRoom and several domain-specific angels.

Richard Oakley, senior investment manager at Oxford Capital, said: 鈥淲e鈥檙e thrilled to have had the opportunity to invest in Noggin HQ鈥檚 pre-seed round. Eva and Laura epitomise what we look for in founders at Oxford Capital, and I look forward to continuing to work with them on their journey to realise Noggin鈥檚 mission.鈥

Nelly Lavielle, investment principal at Bethnal Green Ventures, said: 鈥淭he conventional one-size-fits-all approach to credit risk assessments excludes millions of people in the 海角视频 alone. We鈥檙e really excited to continue supporting Noggin鈥檚 mission to enable more equitable access to credit, and look forward to working with Laura and Eva to deliver on their impact and commercial targets for years to come.鈥

Tom Britton, founding partner at SyndicateRoom, added: 鈥淚 moved to the 海角视频 several years ago, so I鈥檝e experienced the difficulties that Noggin鈥檚 product alleviates first-hand. We鈥檙e delighted to be backing such a determined team tackling a problem that so many have faced for far too long.鈥