Summary
Newcastle-based fintech Noggin HQ has launched its alternative credit scoring technology to UK lenders after raising £2.3 million in an oversubscribed seed round. The raise comes as the business successfully obtains its credit referencing authorisation from the Financial Conduct Authority, making it one of only a handful of companies to obtain a license to become a credit reference agency in the UK in the last 10 years. The company uses permissioned banking transaction data to help lenders identify creditworthy customers traditional systems miss.
With 3.2 million UK adults declined credit in the two years to May 2024, Noggin HQ's cashflow-based credit data aims to help people with thin credit files, limited borrowing histories or time spent living abroad appear less risky. The round was led by Blackfinch Ventures, with continued participation from Oxford Capital and Bethnal Green Ventures, and angel investors including Alastair Douglas, former CEO of TotallyMoney.
Key Facts
- Raised £2.3M in oversubscribed seed round
- Obtained FCA credit referencing authorisation — one of few UK CRAs in last 10 years
- Uses permissioned banking transaction data for cashflow-based credit scoring
- 3.2M UK adults declined credit in two years to May 2024
- Led by Blackfinch Ventures; Oxford Capital, Bethnal Green Ventures participated
- Angel investors include Alastair Douglas (ex-TotallyMoney CEO)
- Previously raised £710K pre-seed (Oxford Capital-led)
- Founded by Evangeline Atkinson and Laura Mills
- Targets thin-file borrowers, limited borrowing histories, time abroad
Why It Matters
Noggin HQ's FCA credit reference agency authorisation is a significant milestone for open-banking-based credit scoring in the UK. It shows how permissioned banking data can make credit assessment more accurate and inclusive, addressing the persistent problem of people judged on incomplete or outdated data. As one of only a handful of new UK CRAs in a decade, it signals a shift toward data-led, real-time credit decisioning that could widen access for underserved consumers.