Entrepreneur UK's London 100: Creditspring Creditspring's innovative model enables members to pay a small, fixed monthly membership fee and can access two no-interest loans per year

Industry: Fintech
With living costs remaining high and credit options decreasing, millions of people across the UK face financial struggles. A quarter (26%) of people say this is the most financially unstable they've ever been whilst over one in ten (13%) are reliant on credit to pay their bills.

FCA-regulated responsible lender Creditspring launched in 2016, providing a unique way for customers to access loans – through subscriptions. This approach makes lending fairer, safer and easier to understand for borrowers. Creditspring's innovative model enables members to pay a small, fixed monthly membership fee and can access two no-interest loans per year. This approach means that borrowers can see exactly how much they are going to pay the moment they apply, without hidden charges or late fees and no risk of falling into debt spirals.

Members also have access to a range of additional support solutions that can boost their financial resilience, from improving their credit score to assessing their eligibility for support schemes via its Benefits Finder, a tool that unlocks access to unclaimed government benefits. Since launch, Creditspring has found over £2b in unclaimed benefits with members claiming an average of £977 in monthly government support.

During 2024, Creditspring provided over £200m in financial support to borrowers, a 63% increase on the £127m lent in 2023. Across 2024, Creditspring's revenue increased by over 80% (from almost £18.2m to over £33.2m) as it became profitable in Q3, continued to scale and provide increased responsible credit options.