About the transaction
Silverpeak acted as financial adviser to Auden on its UK launch. Auden is a socially responsible consumer finance fintech company based in Manchester. Silverpeak co-advised with DC Advisory on a £70m equity investment from DOF IV, a fund managed by M&G Investments. The transaction also includes expected funding for the first £50m of Auden’s loan book from M&G Limited.
About Auden
Auden focuses on the nine million people in the UK who rely on credit for everyday essentials. These customers are often overcharged and underserved due to a lack of choice. Auden uses its own technology to offer credit products priced in the same range as Community Development Financial Institutions. Its goal is to use technology as a tool for inclusion. It helps customers reduce the cost of credit and improve their financial health.Auden’s first product is a short-term loan priced at 195% APR, available at auden.com.
The company plans to offer medium-term loans and a free account in 2022. It also offers data-based tools including credit score tracking and real-time budgeting reminders. In addition, Auden has built a community to develop products that improve financial wellbeing, such as a credit health check and an income and benefits tool.
How Silverpeak added value
Silverpeak brought deep technology sector expertise to the process. The team recognised that Auden’s data analytics and technology platform was central to its ability to deliver its mission at scale. Silverpeak positioned Auden as a fintech multiproduct socially responsible lending platform for relevant international investors. As a result, the team identified and approached the right investor base to match Auden’s ambition.
What our clients said
Richard Bartlett, CEO at Auden, said: “Silverpeak worked hard to understand our business. They brought broad knowledge of potential investors to the process. They used this insight to help us develop and present our proposition effectively. Together we delivered transformational financing to the company.”
Paddy MccGwire, Managing Partner at Silverpeak, added: “We are delighted to have advised the Auden team on this substantial fundraise. Auden is a groundbreaking fintech lending platform with a clear social mission. It addresses a pressing need in society. Furthermore, the investment in its platform ensures the service can be delivered at scale.”