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.

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.

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.

Chris Davis, CEO and co-founder of MoneyPlus, commented: “At MoneyPlus, our services have helped to make life less complicated and expensive for thousands of people since our launch over a decade ago. We take pride in offering financial services that can help consumers overcome their troubles with debt once and for all, in addition to providing jargon free legal support that ensures someone is always on their side. As we continued to see a heightened demand for our services in 2023, which saw the demand for our services increase by more than 200%, we knew we could turn to Stewart and the team at OakNorth once again to provide us with the capital we needed to further accelerate our growth – both in terms of customer numbers and staff headcount. The speed at which they worked was key to getting the transaction over the line, meaning we are now perfectly positioned to support more people get themselves into a better financial position. ”

Stewart Haworth, Director of Debt Finance at OakNorth Bank, added: “As individuals and families across the UK continue to struggle with the cost of living and a high inflationary environment, the services that firms such as MoneyPlus offer become even more vital. As a result of its proven management team led by Chris and his senior partners, we were delighted to once again provide funding to support the group’s ambitious growth strategy. Looking forward, MoneyPlus are in a strong position to help more consumers than ever before relieve the financial baggage that comes with day-to-day life, and we look forward to supporting them again in the future.”