Collaborative deposit raising platform StepLadder raises £1.5m

London-based StepLadder, the UK’s first collaborative deposit raising platform, has raised £1.5m with backing from the BBVA and Anthemis Venture Creation Partnership.

The funding will go towards the development of StepLadder’s next-generation collaborative finance platform, as well as driving its UK and international expansion. For BBVA/Anthemis, the backing stands as testament to their global aspirations to drive innovation and disruption in the banking sector.

StepLadder’s latest commitment to first-time buyers comes as the innovative fintech firm announces it has secured expansion funding from one of Europe’s biggest banks and one of the most active fintech investors globally.

The BBVA and Anthemis Venture Creation Partnership has invested capital and other resources, alongside further investment from Seedcamp and other Angel investors.

The £1.5m total investment, as well as significant non-financial investment including access to expertise, will go towards the development of StepLadder’s next-generation collaborative finance platform, as well as driving its UK and international expansion.

StepLadder is on a mission to help struggling renters make the leap to homeownership. By drawing on the power of collaborative deposit raising, StepLadder helps 87 per cent of its members save for their deposit faster than if they were doing it alone.

Speaking on the investment, Matthew Addison, StepLadder’s founder and CEO, said: “The property market is imbalanced. There are millions of hardworking people out there, who through no fault of their own find themselves trapped in a cycle of renting. We want to change that, and this funding will help us turn the dream of homeownership into a reality.”

Similarly, Farhan Lalji, Principal of the BBVA & Anthemis Venture Creation Partnership added: “The teams at BBVA and Anthemis are really excited to work with the founders of StepLadder.

“We’ve seen their commitment to solving this problem up close and we know that our combined efforts will dramatically change the landscape for savings and homeownership in a major way in a short amount of time.”