Ethical lender Salad Money has secured a £2 million investment from Ceniarth, a family office dedicated to supporting underserved communities, marking a significant 67% increase in its existing facility agreement.
This funding boost, partially backed by Fair4All Finance, a not-for-profit focused on financial inclusion, builds on a previous £1.2 million loan provided by Ceniarth in 2023.
The infusion of capital aims to address the growing demand for affordable, mid-cost loans, offering a lifeline to workers who are often excluded from mainstream credit options.
Salad Money, a social enterprise and community development finance institution (CDFI), specializes in providing fair credit solutions to full-time workers, particularly those with low credit scores or no credit history.
By leveraging Open Banking and a blend of human expertise and machine-learning technology, the lender ensures more accurate and equitable lending decisions.
This approach allows Salad Money to serve customers who are typically turned away by traditional lenders reliant on conventional credit scoring models, which often push borrowers toward costly or unregulated alternatives.
Tim Rooney, Salad Money’s chief executive, emphasized the impact of the new funding, stating:
“This investment enables us to better evaluate applicants and offer fairer credit options, saving our customers significant amounts in interest compared to high-cost lenders.”
For many borrowers, this translates to hundreds of pounds in savings, a critical benefit at a time when financial vulnerability affects half of UK adults, and reliance on high-cost credit is on the rise.
The partnership with Ceniarth and Fair4All Finance underscores a shared commitment to fostering financial resilience.
Holly Piper, investment director at Fair4All Finance, highlighted the transformative potential of the investment, noting:
“This funding will help thousands more low-income individuals access affordable credit, and we hope it inspires other investors to support similar initiatives.”
Salad Money’s innovative model has already earned recognition, including the Open Banking for Good Award, affirming its role in advancing financial inclusion.
As economic pressures continue to challenge UK households, Salad Money’s expanded capacity to offer ethical lending solutions is timely.
This £2 million investment not only strengthens the lender’s ability to meet rising demand but also sets a precedent for impact-driven financing, encouraging more inclusive approaches to credit access for those who need it most.