Manchester-based consumer debt advice provider, MoneyPlus, to accelerate growth following a significant loan upsize from OakNorth Bank.
OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, has provided a significant loan upsize to returning customer, MoneyPlus, one of the UK’s largest and most trusted providers of consumer debt advice.
OakNorth initially provided a £6.5m loan to the group in September 2022, which enabled the business to scale up its operations to manage an increase in demand for its services amidst the cost-of-living crisis. Following an increase in demand for its specialist services, the upsized funding line from OakNorth will accelerate MoneyPlus’ growth even further by powering the group’s latest customer and talent acquisition programmes.
About MoneyPlus: Founded in 2010 and headquartered in Manchester, MoneyPlus provides advice and support to heavily indebted consumers to get their finances and credit profiles back on track. The firm’s advisers negotiate with lenders to achieve reductions in customer debts which are subsequently addressed through fully budgeted monthly repayment plans. Over the last 13 years, MoneyPlus has grown to become one of the UK’s largest providers of private debt advice and planning, including debt management plans (DMPs) and individual voluntary arrangements (IVAs), representing tens of thousands of people each year. It is ranked amongst the top commercial players in the space and has a 4.8-star rating from almost 3,000 entries on Reviews.io.