We are thrilled to meet our Bond Offer target. Now, our ambition to go beyond our initial goal.
Great Western Credit Union (GWCU) has announced that, in just over five weeks, it has smashed through its initial Bond Offer target of raising £800,000. Now, the credit union is aiming even higher by setting a stretch goal of £2m, inclusive of Fair4All Finance pound-for-pound match funding up to £1m, in the hopes of making purpose-driven finance more accessible. The positive response by over 140 investors demonstrates UK-wide support for affordable and ethical financial services.
The raise, supported via the Ethex investment platform, sees a forecasted 6.5% fixed interest rate return, with investments starting from £250, though any capital invested is at risk.* Investment in the Bonds allows GWCU to expand their membership with increased reach across the region. Other key areas of growth include their employer partnership scheme, Money@Work, which already offers over 40,000 employees at 36 organisations the ability to access services directly from their payroll. The credit union will also further upgrade the capabilities of their digital platform and offer face-to-face services, maintaining their position as the leading community fintech in the South West.
About their investment decision, one investor said:
“I believe that alternative finance is vital for financial mobility - people need access to finance to improve their lives and those of their families. There are too few providers and so GWCU is more important than ever. I also love the fact that our funding is being matched by Fair4All Finance.”
James Berry, CEO of Great Western Credit Union, said:
“The success of this Bond Offer shows the appetite for ethical, affordable and alternative finance, with investments coming from across the UK, not just from our immediate communities. And we now have an amazing opportunity to go further than our initial target. Every pound invested will help the credit union to grow and better serve members in our communities, which helps create a society that works for all.”
The credit union helps build community wealth, which directly benefits the local economy, creating a positive social impact for the most vulnerable in society. GWCU is no stranger to large-scale investment, with the credit union previously securing backing from Bristol City Council, The Joseph Rowntree Foundation and Fair4All Finance. In 2022, the credit union received £500,000 in funding from Fair4All Finance to grow their provision of affordable credit across the region and build a comprehensive growth strategy.
Holly Piper, Investment Director at Fair4All Finance, said:
“The response to Great Western Credit Union's Bond Offer has been incredible and it's great that they are aiming even higher with their new target. We're pleased to be able to provide pound for pound match funding up to £1m to support this innovative way of raising funds through wider investment. And we look forward to seeing the difference that the team will be able to make as they grow the availability of affordable financial solutions further in the southwest region, helping those that need it most.”
Learn more about the Offer here.
*Money invested is not protected by the Financial Services Compensation Scheme and so capital is at risk.