Noggin HQ Secures Credit Referencing Authorisation and Raises £2.3m in Funding
British fintech startup Noggin HQ has secured credit referencing authorisation from the Financial Conduct Authority and raised £2.3 million in an oversubscribed seed round.
A British alternative credit scoring technology startup has made significant strides in the fintech industry. Noggin HQ, based in Newcastle, has secured credit referencing authorisation from the Financial Conduct Authority. This authorisation clears the way for the company to provide its cashflow-based credit data to FCA-authorised lenders.
The company was founded by childhood friends Evangeline Atkinson and Laura Mills, who were both declined for credit despite being in full-time work and paying rent and bills. Their experience is not unique, as FCA data show that 3.2 million UK adults were declined credit in the two years to May 2024.
Noggin HQ uses permissioned banking transaction data to help lenders identify creditworthy customers that traditional systems miss. The company's technology is designed to support more nuanced credit checks for consumers who have historically been underserved by the credit referencing infrastructure.
The latest round of funding was led by Blackfinch Ventures, with participation from Oxford Capital, Bethnal Green Ventures, and angel investors, including Alastair Douglas, former CEO of TotallyMoney.
The founders of Noggin HQ are now looking to use this authorisation and funding to support more complex credit checks for consumers. As Atkinson states, "The UK credit market has changed. Consumers earn, spend and borrow in more complex ways than ever before, but much of the credit referencing infrastructure still reflects an older economy."
| **Investor** | **Role** | | --- | --- | | Blackfinch Ventures | Lead investor | | Oxford Capital | Participant | | Bethnal Green Ventures | Participant | | Angel investors | Participant | | Alastair Douglas | Angel investor |
## Noggin HQ's Mission
Noggin HQ aims to provide more nuanced credit checks for consumers who have historically been underserved by the credit referencing infrastructure. The company's technology uses permissioned banking transaction data to help lenders identify creditworthy customers that traditional systems miss.
## The UK Credit Market
The UK credit market has changed significantly in recent years. Consumers earn, spend, and borrow in more complex ways than ever before. However, much of the credit referencing infrastructure still reflects an older economy. Noggin HQ's authorisation and funding will enable the company to support more complex credit checks for consumers.
## The Future of Credit Referencing
The authorisation of Noggin HQ as a credit reference agency marks an important step forward in the development of the UK's fintech industry. The company's technology has the potential to support more nuanced credit checks for consumers who have historically been underserved by the credit referencing infrastructure. As the UK credit market continues to evolve, it will be interesting to see how Noggin HQ's technology is used to support more complex credit checks for consumers.
