Lewisham Plus Credit Union
Lewisham Plus Credit Union is a not-for-profit financial co-operative serving residents and workers in the London Boroughs of Lewisham and Bromley with ethical savings accounts, affordable loans (6.2%–42.6% APR), payroll-deduction employer partnerships, and banking services via Contis and Suits Me.
- Company typePrivate
- Founded1992
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Lewisham Plus Credit Union does
Lewisham Plus Credit Union Limited, trading as Lewisham + Bromley Credit Union, is a not-for-profit financial co-operative founded in 1992 and headquartered at 262 Kirkdale, Sydenham, London. The credit union serves residents and workers in the London Boroughs of Lewisham and Bromley, plus employees of named partner organisations (Lewisham Council, Bromley Council, Lewisham and Greenwich NHS Trust, London & Quadrant Group, Phoenix Community Housing, Clarion Housing, Lewisham Homes), operating under PRA authorisation and FCA regulation with FSCS protection up to £120,000 per member.
The product portfolio centres on savings (Credit Union Share Account, Young Savers Account, Prize Saver with monthly prize draws up to £5,000, and Corporate Membership Accounts for charities and societies) and loans (Save As You Borrow at 26.8–42.6% APR, Personal Loans at 9.4–26.8% APR up to £15,000, Loyalty Saver Loan at 6.2% APR up to £20,000, Household Goods Loans up to £500, and Consolidation Loans at 19.6–26.8% APR). The credit union is a member of ABCUL, participates in the Cornerstone Mutual Services Credit Union Expansion Project, and supplements its core offering with Contis-powered Engage Current Accounts and Smartcash (ages 8–16), a Suits Me prepaid Mastercard partnership issued by IDT Financial Services Limited, free group life and loan protection insurance via CUNA Mutual, e-signing through RPost, and WorldPay/PayPoint integration.
The credit union operates four branches (Sydenham, two in Catford, New Cross) plus outreach locations in Bromley and Orpington, supported by a CU App, online member portal, payroll-deduction employer partnerships, and embedded MoneyHelper/InBest wellbeing tools. Membership exceeds 15,000 adults, 1,350 junior savers, and 50 corporate members. Revenue is generated primarily through loan interest (APR ranging 6.2% to 42.6%) and dividends are paid back to members annually (1.00% adult / 3.00% young saver for FY ending 30/09/2024), with any surplus reinvested in the cooperative. Leadership comprises CEO Ravi Ravindran (appointed 2016) and a volunteer Board of Directors drawn from banking, legal, and financial-services backgrounds.
Lewisham Plus Credit Union firmographics
Firmographics- Name
- Lewisham Plus Credit Union
- Legal name
- Lewisham Plus Credit Union Limited
- Website
- https://pluscu.co.uk
- Company type
- Private
- Founded year
- 1992
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Lewisham Plus Credit Union is a not-for-profit financial co-operative serving residents and workers in the London Boroughs of Lewisham and Bromley with ethical savings accounts, affordable loans (6.2%–42.6% APR), payroll-deduction employer partnerships, and banking services via Contis and Suits Me.
- Ownership category
- akta.pro rank
Lewisham Plus Credit Union industry classification
Industry- Product category
- Credit Union Services
- NAICS
- Credit Unions (522130)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)
- akta.pro secondary industries
- Faith-Based & Affinity Credit Unions (FSABAEAH), Public Sector & Municipal Credit Unions (FSABAEAK), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Employer-Sponsored / Payroll-Linked Personal Loans (Unsecured Installment) (FSAKAAAM)
Keywords
Where Lewisham Plus Credit Union is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices6 records
Markets served
Lewisham Plus Credit Union business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Loan Interest Income: Primary revenue source from interest charged on loans. Interest rates range from 0.5% per month (6.2% APR) for Loyalty Saver Loans up to 3% per month (42.6% APR) for Save As You Borrow and Household Goods Loans. As a not-for-profit co-operative, remaining profits are reinvested or paid as dividends to members.
- Dividend Distribution: Adult and corporate members receive annual dividend payments based on savings balances. Young savers receive higher dividend rates. Recent adult dividend was 1.00% (FY ending 30/09/2024) and young saver dividend was 3.00%.
- Suits Me Card Partnership: Partnership with Suits Me for prepaid Mastercard cards and accounts, generating revenue through account management fees (Essential: no monthly fee, Premium: £4.97/month, Premium Plus: £9.97/month). Card issued by IDT Financial Services Limited.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Save As You Borrow Level 1: Up to £750 first loan, £1,200 with top-up |
| Subscription | Monthly | Save As You Borrow Level 2: £800-£2,000 loans |
| Subscription | Monthly | Personal Loan: £500-£15,000 |
| Subscription | Monthly | Loyalty Saver Loan: Up to £20,000 (90% of savings) |
| Subscription | Weekly | Household Goods Loan: Up to £500 |
| Subscription | Monthly | Consolidation Loan: £2,000-£10,000 |
| Subscription | Annual | Credit Union Share Account |
| Subscription | Annual | Young Savers Account |
| Other | Monthly | Prize Saver Account |
| Subscription | Annual | Corporate Membership for Societies & Charities |
| Subscription | Monthly | Suits Me Card Accounts |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels10 records
Lewisham Plus Credit Union product offering
Product offeringCore offering
Lewisham Plus Credit Union is a not-for-profit financial co-operative that provides savings accounts (Share Account, Young Saver, Prize Saver, Corporate Membership) and loan products (Save As You Borrow, Personal Loan, Loyalty Saver Loan, Household Goods Loan, Consolidation Loan) to residents and workers in the London Boroughs of Lewisham and Bromley. It supplements these with free life savings and loan protection insurance, current accounts via Contis, prepaid Mastercard accounts via Suits Me, and embedded financial wellbeing tools. Any surplus is reinvested or distributed to members as annual dividends rather than paid to external shareholders.
Product overview
Lewisham Plus Credit Union operates a not-for-profit financial co-operative offering a suite of savings, loan, and banking-related products primarily to residents and workers in the London Boroughs of Lewisham and Bromley. The core product portfolio centres on savings accounts (Credit Union Share Account, Young Savers Account, Prize Saver/PrizeSaver, Corporate Membership Accounts) and loan products (Save As You Borrow Loan, Personal Loan, Loyalty Saver Loan/Flexi-Loan, Household Goods Loan, Consolidation Loan). These core products are supplemented by insurance products (free life savings and loan protection via CUNA Mutual Group), a mobile app (CU App), an online loan calculator, and e-signing for digital loan agreements. The credit union also partners with Contis Financial Services Ltd to offer the Engage Current Account and Smartcash account for 8–16 year olds, and with IDT Financial Services Limited via the Suits Me prepaid Mastercard programme (available in Essential, Premium, and Premium Plus tiers). Financial wellbeing tools include a Budget Planner (via MoneyHelper) and a Benefits Calculator (via InBest). Employer partnership services provide payroll deduction capabilities for savings and loans. Following a September 2023 merger with Crownsavers Credit Union, that legacy brand's accounts were absorbed into the current structure.
Differentiator
Problem solved
Functional benefit
Brands
- Crownsavers: Former branding of Crownsavers Credit Union Limited after the September 2023 merger, now part of Lewisham + Bromley Credit Union.
Products and services
- Credit Union Share Account Primary adult instant-access savings account requiring £5 to join (£4 one-off joining fee plus £1 deposit). Maximum balance £35,000, eligible for annual dividend (1.00% for FY ending 30/09/2024), FSCS protected up to £120,000, with free life savings insurance included.
- Young Savers Account Savings account for children under 16, opened from £1 with a maximum balance of £5,000. Withdrawals over £20 require parent or guardian countersignature. Earns an annual dividend of 3.00% (FY2024) and converts to adult membership on 1 October following the child's 16th birthday.
- Prize Saver Account Prize-linked instant-access savings account where every £1 saved (up to £200) at month-end earns one entry into a monthly prize draw of 21 prizes including a £5,000 headline prize and 20 smaller prizes (£50 and £20). FSCS protected up to £85,000.
- Corporate Membership Accounts (Societies, Clubs & Charities) Savings accounts for charities and unincorporated community organisations based in Lewisham or Bromley. £5 joining fee, maximum balance £30,000, up to 25 withdrawals per 12-month period, eligible for the same dividends as individual members but no loan eligibility.
- Save As You Borrow Loan Credit-builder loan product with two tiers: Level 1 (income ≤£800/month) up to £750–£1,200 at 3% per month (42.6% APR) and Level 2 (income >£800/month) £800–£2,000 at 2% per month (26.8% APR). A portion of repayments builds savings released on loan completion.
- Personal Loan General-purpose unsecured loan from £500 to £15,000 with terms up to five years and free life insurance included. Interest rates range from 0.75% per month (9.4% APR) for £10,000–£15,000 loans to 2% per month (26.8% APR) for smaller amounts, subject to minimum monthly net income thresholds from £1,100 to £2,075.
- Loyalty Saver Loan (Flexi-Loan) Loan for existing members with savings allowing them to borrow up to 90% of their savings balance (maximum £20,000) without withdrawing savings. Interest rate of 0.5% per month (6.2% APR). Branch-only application.
- Household Goods Loan Purpose-specific loan for furniture or electrical equipment (up to £500 or 50% of last loan granted) and school uniforms (up to £100 per child). Interest rate of 3% per month (42.6% APR representative). Available online or in branch.
- Consolidation Loan Debt consolidation loan from £2,000 to £10,000 for members with existing expensive debts. Interest rates of 2% per month (26.8% APR) for £2,000–£4,999 and 1.5% per month (19.6% APR) for £5,000–£10,000. Loan proceeds paid directly to existing creditors where possible. Branch-only application.
- Suits Me Prepaid Mastercard Account Prepaid Mastercard debit card and account available to members over 18 in three tiers: Essential (no monthly fee), Premium (£4.97/month) and Premium Plus (£9.97/month). Offers cashback rewards, mobile app, standing orders, direct debits and ATM access. Issued by IDT Financial Services Limited and not FSCS-protected.
- Free Life Savings and Loan Protection Insurance Group insurance benefit covering life savings (up to £1,000 paid to nominated beneficiaries on member death) and loan protection (covering outstanding loan balances up to £5,000 for borrowers under 80), provided at no cost to members through CUNA Mutual Group arranged via ABCUL.
- Engage Current Account (via Contis) Current account service for adults provided in partnership with Contis Financial Services Ltd, offering banking-like features integrated with the credit union's savings and loan products.
- Smartcash Account (via Contis) Prepaid card and savings account for children aged 8–16, provided in partnership with Contis Financial Services Ltd as part of the Engage platform, designed to introduce financial management skills to young people.
- Employer Partnership Services Payroll deduction service enabling partner employers to offer employees savings and loan repayment deductions directly from salary, including dedicated savings accounts for employees and loan management, supported by research showing improved employee financial wellbeing outcomes.
Quantifiable outcome
- Free life savings insurance up to £1,000 paid to nominated beneficiaries on member death
- +3 more outcomes
Companies that use Lewisham Plus Credit Union
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles5 records
Lewisham Plus Credit Union technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature4 records
Lewisham Plus Credit Union partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- Lewisham CouncilcoreLong-term supporter providing regeneration funding, neighbourhood renewal funding, and partnership on Universal Credit support services. Active mutual service agreement for outreach. Funding for consolidation loans in 2024.
- Bromley CouncilcoreSupported opening of Bromley Plus branch in 2011. Launched payroll deduction service for Bromley Council employees in 2012. Partnership on homelessness prevention.
- Contis Financial Services LtdcoreProvider of Engage Current Accounts and Suits Me prepaid Mastercard cards and accounts for credit union members. Enables banking-like features including direct debits and standing orders.
- CUNA Mutual Group Limited (CMutual)coreGroup insurance scheme provider for life savings insurance (up to £1,000) and loan protection insurance (up to £5,000) for members. Arranged through ABCUL.
- Association of British Credit Unions Limited (ABCUL)coreIndustry body membership providing access to group insurance schemes, CUEP participation, and London & South East Forum participation.
- Phoenix Community Housing AssociationcoreBranch and office at The Green Man headquarters since 2014. Rules amended in 2013 to allow Phoenix residents and staff to join. Partnership to encourage financial inclusion and support Universal Credit transition.
- Clarion Housing GroupcoreLong-term supporters who helped expand common bond across Bromley borough in 2008/9 and enabled opening of Bromley Plus branch in 2011. Ongoing promotion to residents.
- National Careers ServiceminorPartnership to provide career guidance support to credit union members including skills identification, job searching, CV writing, and training course information.
- London & Quadrant GroupcoreEmployer partner offering payroll deduction for employee savings and loans.
- Cornerstone Mutual Services Limited (CUEP)coreDelivers Credit Union Expansion Project (£38m government-funded initiative overseen by DWP) providing shared business model services for credit unions.
- Fair4All FinanceminorCommissioned research on credit union payroll lending showing 70% of borrowers feel more confident about managing money, 60% feel less stressed, and 95% are satisfied with their loan.
Scale indicators7 records
Recent moves9 records
Expansion highlights5 records
Lewisham Plus Credit Union competitors and assessment
Company assessmentEmerging players
- Cashplus: UK digital banking and prepaid card provider serving consumers and small businesses without traditional credit checks. Comparable on serving underbanked customers and on prepaid-card-led proposition, though it competes more on banking features than on savings/loan yields.
- Pockit: UK fintech offering prepaid current accounts and personal finance tools targeting underbanked and credit-thin consumers. Comparable customer segment (financial-inclusion, lower-income, thin-file) with a digital-only proposition versus Lewisham Plus's branch-plus-app hybrid.
Broad incumbents
- Nationwide Building Society: UK's largest building society and mutual, offering savings, mortgages and personal loans at scale. Comparable on mutual/cooperative ownership and FSCS-protected savings model, though operating at vastly greater scale and a much broader geographic footprint.
- Coventry Building Society: Large UK mutual offering savings accounts and personal loans with FSCS protection. Comparable on cooperative structure and savings/loan product set, but at materially larger scale and broader geographic reach.
Direct peers
- Police Credit Union: Closed-membership UK credit union serving police officers and staff with savings, loans, and payroll deduction. Comparable on common-bond eligibility, employer payroll partnerships, and product set.
- London Mutual Credit Union: London-based community credit union offering savings, loans and payroll deduction to a defined common bond. Closest peer given similar product mix, regulatory model, and Greater London footprint.
- London Credit Union: London-wide credit union serving residents and employees of partner organisations, with savings and loan products and an employer payroll-deduction model that closely mirrors Lewisham Plus.
- TransaveUK: UK credit union with savings, loans and a digital platform serving a wide common bond of UK residents and workers. Comparable on product breadth, mobile/online offering, and use of the CUEP shared services platform.
- Hertsavers Credit Union: Community credit union serving Hertfordshire residents with savings and personal loans under a common-bond model. Comparable on cooperative governance, FCA/PRA authorisation, and FSCS protection.
- Castle & Crystal Credit Union: London-focused credit union offering savings and affordable loans to a defined community. Comparable on community common-bond structure, product range, and member-led governance.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Lewisham Plus Credit Union social profiles
Digital presenceLewisham Plus Credit Union compliance and trust
Trust signalCompliance3 records
Lewisham Plus Credit Union financial estimates
Financial estimateRevenue estimate
Valuation estimate
Lewisham Plus Credit Union leadership team
Management profileNumber of profiles
Profiles18 records
Lewisham Plus Credit Union funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Lewisham Plus Credit Union M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Lewisham Plus Credit Union
What does Lewisham Plus Credit Union do?
Lewisham Plus Credit Union is a not-for-profit financial co-operative that provides savings accounts (Share Account, Young Saver, Prize Saver, Corporate Membership) and loan products (Save As You Borrow, Personal Loan, Loyalty Saver Loan, Household Goods Loan, Consolidation Loan) to residents and workers in the London Boroughs of Lewisham and Bromley. It supplements these with free life savings and loan protection insurance, current accounts via Contis, prepaid Mastercard accounts via Suits Me, and embedded financial wellbeing tools. Any surplus is reinvested or distributed to members as annual dividends rather than paid to external shareholders.
Is Lewisham Plus Credit Union a public or private company?
Lewisham Plus Credit Union is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Lewisham Plus Credit Union founded?
Lewisham Plus Credit Union was founded in 1992. It employs 11 to 50 people.
Where is Lewisham Plus Credit Union based?
Lewisham Plus Credit Union is headquartered in London, United Kingdom, in the Europe region.
How does Lewisham Plus Credit Union make money?
Three revenue lines are on record. Loan Interest Income is the primary driver. The others are dividend Distribution and suits Me Card Partnership.
Who are Lewisham Plus Credit Union's main competitors?
Emerging players on record are Cashplus and Pockit. Broad incumbents are Nationwide Building Society and Coventry Building Society. Direct peers are Police Credit Union, London Mutual Credit Union, London Credit Union, TransaveUK, Hertsavers Credit Union and Castle & Crystal Credit Union.
Does Lewisham Plus Credit Union have an API?
No public API is recorded for Lewisham Plus Credit Union.
What industry is Lewisham Plus Credit Union in?
Lewisham Plus Credit Union's product category is Credit Union Services. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus), with a secondary code of FSABAEAH, Faith-Based & Affinity Credit Unions. Its NAICS code is 522130 and its SIC code is 6141.