FinTech firm Savvy has secured a £20m investment enabling it to double its workforce.

The funding, from Cairn Capital, will allow the Stockport and Wilmslow-based firm to double its headcount creating 25 new jobs in the next year.

It will also increase the lending capacity of the firm, which has doubled turnover in the last 12 months and lent more than £29m to 31,000 customers in total.

It said it plans to make appoints in digital marketing and software development.

Founded in 2007 by group MD Mark Bowker, it was created as an ‘ethical alternative’ to payday loans, and offers loans from £300 to £3,000 which can be repaid over 8, 16 and 24 months.

“This is a transformational investment for the company,” he said.

“It shows what a strong team - headed up by MD Natalie Blain - and product offering we have.

“Cairn Capital are a multi-billion investment fund so it’s amazing we have been able to attract such a strong corporate partner.

“Savvy.co.uk was born out of my frustration with mainstream lenders who have no appetite to lend to the vast majority of the population.

“I wanted to create a real alternative to pay-day style loans. Potential borrowers can see whether they are eligible for one of our loans with no impact to their credit file in just a few clicks, and then arrange and receive the loan in minutes with no paperwork.”

Savvy.co.uk MD Natalie Blain added: “We have spent several years developing our intelligent loan decisioning software so that we can provide loans to consumers who wouldn’t otherwise have access to affordable credit.

“There are millions of underserved customers who need credit and we are passionate about providing an affordable and ethical loan option to these people”