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Skybox Security Announces Rapid Global Expansion as Security Posture Management Market Takes Off

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86% increase in new subscription customers

Key wins across government, financial services, manufacturing, healthcare

SAN JOSE, Calif., July 29, 2021 /PRNewswire/ — Skybox Security, a global leader in security posture management, today announced accelerated global expansion to meet increasing market demand for its Security Posture Management Platform, which includes its Vulnerability Management solution. Driven by customer demand to improve security efficacy and reduce exposure risk across hybrid cloud and critical infrastructure, Skybox Security increased new subscription customers by 86% in the first half of 2021. During the same timeframe, the company achieved 30% growth in key industries, including government, healthcare, manufacturing, and financial services.

Skybox Security logo

“Business and government leaders globally are leaning into the importance of proactively addressing cyber risk to prevent ransomware and supply chain attacks. Vulnerability Management is now taking center stage even at the top levels of government, as highlighted by the recent Biden Executive Order,” said Gidi Cohen, CEO and founder, Skybox Security. “The criticality of preventative cybersecurity has become more than a fear of being held for ransom. Cybersecurity is now impacting the daily lives and safety of global citizens – even putting our water, food, and energy supplies at risk.”

Skybox Security has established itself as a Security Policy Management and Vulnerability and Threat Management market leader with hundreds of high-profile government and enterprise customers, including multiple Fortune 100 companies. Customers are increasingly turning to Skybox Security to improve security posture of complex hybrid networks at speed and scale. In the first half of 2021, 75% of product sales resulted from existing customers expanding deployments.

EMEA and APJ expansion accelerates

Skybox Security’s accelerated global expansion throughout Europe, the Middle East, and Africa (EMEA), as well as the Asia Pacific and Japan (APJ) regions, comes on the heels of high-profile cyberattacks that put the spotlight on why a data-driven, risk-based approach to Vulnerability Management is mission-critical. Skybox Security is experiencing tremendous demand and sustainable growth in EMEA, with deal sizes increasing 33% and average annual contract value increasing 64% over the first half of 2021.

“There are two critical questions that every CISO must be able to answer to their board: Can you prevent a ransomware attack? And, can your company recover quickly?” commented Fred Saint-Joigny, vice president of EMEA, Skybox Security. “The speed of digital transformation is dramatic. To answer those questions with confidence, leaders need full visibility and understanding of their attack surface and insights that highlight the right exposures to take action on – which is only possible through a multi-dimensional network model.”

Skybox Security will continue making significant investments into expanding its EMEA and APJ operations. The company has cemented itself as the Security Posture Management partner of choice for solution providers worldwide. Over the first six months of 2021, Skybox grew channel sales across North America, EMEA, and APJ by 35%.

“With Skybox Security, CISOs can confidently prove they closed the most dangerous exposed vulnerabilities, ultimately preventing cyberattacks from damaging the business. Skybox models each customers’ unique threat landscape to understand how they could get breached,” said Shantanu Srivastava, vice president of sales for APJ, Skybox Security. “The best breach is one that never happens. Our preventative approach exponentially decreases cyber risk through drastically reducing the enterprise attack surface.”

A year of product innovation

Investment in R&D is a key ingredient to fueling business momentum. Skybox Security recently delivered several product innovations that are the first in a series of new capabilities automating risk scoring and remediation across hybrid environments. Skybox Security continues to enrich its industry-leading Network Model through new integrations across leading hardware and software providers. The latest integrations advance the security posture of disparate environments across operational technology (OT), Internet of Things (IoT) devices, software-defined data centers, SD-WAN, and other cloud services.

2021 company highlights

Learn more about the Skybox Security Posture Management Platform. 

About Skybox Security

Over 500 of the largest and most security-conscious enterprises in the world rely on Skybox for the insights and assurance required to stay ahead of dynamically changing attack surfaces. At Skybox, we don’t just serve up data and information. We provide the intelligence and context to make informed decisions, taking the guesswork out of securely enabling enterprises at scale and speed. Our unified security posture management platform delivers complete visibility, analytics, and automation to quickly map, prioritize, and remediate vulnerabilities across your organization. The vendor-agnostic platform intelligently optimizes security policies, actions, and change processes across all corporate and cloud environments. With Skybox, security teams can now focus on the most strategic business initiatives while ensuring enterprises remain protected.  

We are Skybox. Secure more, limit less. https://www.skyboxsecurity.com/

Media & analyst contact

Ashley Nakano, Corporate Communications

[email protected] 

© 2021 Skybox Security, Inc. All rights reserved. Skybox Security and the Skybox Security logo are either registered trademarks or trademarks of Skybox Security, Inc., in the United States and/or other countries. All other trademarks are the property of their respective owners. Product specifications subject to change at any time without prior notice.

Logo – https://mma.prnewswire.com/media/1011662/Skybox_Security_logo.jpg

Skybox Security Announces Rapid Global Expansion as Security Posture Management Market Takes Off WeeklyReviewer

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Minister Bibeau and MP Lauzon announce support to improve food security in Saint-André-Avellin

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SAINT-ANDRÉ-AVELLIN, QC, July 29, 2021  /CNW/ – The Government of Canada is committed to helping communities invest in infrastructure that will improve their food security and increase access to healthy, nutritious and ideally local foods for families in need.

Today, the Minister of Agriculture and Agri-Food, the Honourable Marie-Claude Bibeau, and the Parliamentary Secretary to the Minister of Seniors and Member of Parliament for Argenteuil–La Petite-Nation, Stéphane Lauzon, toured the Alliance Alimentaire Papineau and announced an investment of up to $70,409 to help the organization expand its community food programs.

This funding will help the Alliance purchase a cargo van and food processing equipment. The investment supports the Alliance’s gleaning program, in which the community harvests from local producers and shares food between participants. The project will also support the purchase of gardening equipment and plants to establish a community garden.

This investment was made through the Local Food Infrastructure Fund. On July 9, 2021, Minister Bibeau announced a top-up of $10 million for the Fund. This additional top-up is part of the Government of Canada’s commitment to provide continued support to emergency hunger relief organizations, which have faced significant challenges due to the COVID-19 pandemic, such as higher demands and fewer resources. With this additional funding to address pandemic-related food security pressures, the Fund is supporting $23 million in projects in 2021-22.

Since it first launched in August 2019, the Fund has committed $27 million to support over 625 vital food security projects across Canada, such as: community gardens and kitchens; refrigerated trucks and storage units for donated food; greenhouses in remote and northern communities; and more.

Quotes

“In Canada, no one should have to go hungry. The support announced today, through the Local Food Infrastructure Fund, will help the Alliance Alimentaire Papineau enhance its food programs and improve food security in the region. Expanding its community harvesting program will increase access to healthy food from local producers and a new community garden will allow the most vulnerable to learn new skills and feed their families. Our Government is also more than doubling the funding for projects this year and launched a new intake of applications so more communities can make meaningful improvements to increase access to healthy food for families in need.”

–        The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food

“Alliance Alimentaire Papineau provides vital resources to the community, including important food services for seniors. This support will allow the Alliance to further enhance its offerings to increase access to safe and healthy food for those who need it most in our region.”

–        Stéphane Lauzon, Parliamentary Secretary to the Minister of Seniors and Member of Parliament for Argenteuil—La Petite-Nation

“The Local Food Infrastructure Fund has allowed Alliance Alimentaire Papineau to acquire a van and a washing room, which will improve our capacity to recover the region’s agricultural surplus. Together with Breakfast Club of Canada, this will allow us to deliver hundreds of breakfasts each day to several schools in the RCM. This fund allows us to ensure greater food security in the region and to actively participate in the food autonomy of Papineau RCM residents.”

–        Florent Trussard, Treasurer of the Board of Directors of Alliance Alimentaire Papineau

Quick Facts

  • According to Statistics Canada, one in seven Canadians indicated that they live in a household where there was food insecurity over a one-month period during the COVID-19 pandemic.
  • The Local Food Infrastructure Fund launched in August 2019 under the Food Policy for Canada, a roadmap for a healthier and more sustainable food system in Canada.
  • The $10 million top-up for the Local Food Infrastructure Fund (LFIF) is part of the additional $140 million outlined in Budget 2021 to help emergency hunger relief organizations prevent hunger, strengthen food security in our communities, and provide nutritious food to more Canadians.
  • Applications for the new LFIF intake will be accepted until August 13, 2021, depending on funding availability. Eligible applicants are not-for-profit organizations that have been in operation for at least two years, or Indigenous groups. For more information and to apply, visit the Local Food Infrastructure Fund website.
  • The Government of Canada is also delivering the $200-million Emergency Food Security Fund by providing funding to national and regional organizations, which in turn support food banks and local food organizations across Canada to help improve access to food for people experiencing food insecurity due to the COVID-19 pandemic.
  • Alliance Alimentaire Papineau’s mission is to provide the community with tools to better feed themselves in order to develop their food autonomy and their power to act. The Alliance estimates that its gleaning program supports the collection of more than 3,000 pounds of food annually, which is provided to families in need during collective kitchen activities and culinary workshops.
  • In 2019, the Alliance Alimentaire Papineau also received $19,125 under the first LFIF intake to build a multipurpose station to improve the conditions for gleaning fruit and vegetables from agricultural producers and to acquire equipment for its community kitchen.

Additional Links

Follow us on Twitter: @AAFC_Canada  Like us on Facebook: CanadianAgriculture

SOURCE Agriculture and Agri-Food Canada

Minister Bibeau and MP Lauzon announce support to improve food security in Saint-André-Avellin WeeklyReviewer

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ZTE Blade Spark Z971 (16GB, 2GB RAM) 5.5″ Full HD Display | Dual Camera | 3140 mAh Battery | Android 7.1 Nougat | Fingerprint Security | 4G LTE | GSM Unlocked Smartphone

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Price: $87.99 - $81.99
(as of Jul 30,2021 08:24:46 UTC – Details)

ZTE Blade Spark Z971 (16GB, 2GB RAM) 5.5" Full HD Display | Dual Camera | 3140 mAh Battery | Android 7.1 Nougat | Fingerprint Security | 4G LTE | GSM Unlocked Smartphone WeeklyReviewer

Receive security and convenience your way with the ZTE Blade Spark. The large 5.5″ HD display is perfect for watching, reading, browsing, and more, while Dolby Audio provides enhanced sound that’s easy to customize. Navigate easily on the large screen with Mi-POP floating keys and one-handed keyboard and dialpad modes. The fingerprint sensor keeps your phone secure while providing you accessibility at a touch. Capture every moment as a photo or video with the 13 MP rear camera and 5 MP front camera. Greater storage (16 GB ROM and 2 GB RAM) means you can keep all your memories at hand. Live fully and accomplish your goals with the help of your personalized Blade Spark.
WHAT NETWORK FREQUENCIES ARE SUPPORTED BY THIS DEVICE: LTE Cat 4 bands: 2, 4, 5, 12, 30, 29 and GSM 850/900/1800/1900 HSPA 850/1900/AWS/2100. The broad Spectrum of frequencies supported give it the ability to roam even on LTE in many foreign countries
HOW LONG CAN I EXPECT THE BATTERY TO LAST ME: Well the battery has 3140mAh which in a Usage time frame means 17.4 hours of streaming at 4G LTE speeds as well it has a Standby time of up to 240 hours before you need to recharge the battery
The truth is this device is super up-to-date and in touch with everybody’s everyday needs there’s no need to spend crazy money to get something that is just simply an over-glorified camera this phone comes with all the bells and whistles
WHAT DOES UNLOCKED REALLY MEAN: Unlocked devices work with GSM carriers like AT&T & T-Mobile as with GSM SIM cards (e.g. H20, Straight Talk, & select prepaid carriers) Unlocked Devices will not work with CDMA Carriers like Sprint, Verizon, Boost or Virgin

Lenovo ThinkPad 11e 11.6″ LED Chromebook Laptop Intel Celeron N2930 Quad Core 1.83GHz 16GB 4GB (Renewed)

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Price: $118.00
(as of Jul 30,2021 08:24:46 UTC – Details)

Lenovo ThinkPad 11e 11.6" LED Chromebook Laptop Intel Celeron N2930 Quad Core 1.83GHz 16GB 4GB (Renewed) WeeklyReviewer

Get a lightweight and powerful laptop to do it all. With the Lenovo ThinkPad ChromeBook 11e laptop, you can browse the Internet, write documents, play games, work, and more. This certified refurbished laptop is renewed to look and work like new. Easily see the apps, documents, photos, and videos on your Chromebook’s screen. This notebook laptop features a large HD quality screen. It measures 11. 6 inches across the diagonal with a resolution of 1, 366 x 768 pixels. Connect your Chromebook laptop to WiFi, extra screens, cameras, and other devices with ease. This lightweight laptop computer includes an HDMI port, 2 USB ports, and HD webcam. Your Chromebook laptop computer keeps up with the work you do with its high-speed Intel Celeron N3160 processor. You’ll have all the memory needed for multitasking and document storage with 4GB RAM and 16GB memory. You can even video chat with the front-facing camera.

WORK AND PLAY: Browse the Internet, write documents, play games, work, and more with this Gen 3 Lenovo Chromebook
SPACIOUS HD DISPLAY: Large, 11. 6-inch screen with LED-backlit CineCrystal HD (1366 x 768)
CONNECT ADDITIONAL SCREENS & DEVICES: Features HDMI port, 2 USB ports, headphone/aux jack, microphone, and HD webcam
GREAT FOR MULTI-TASKING: 4GB RAM memory and 16GB eMMC Flash SSD storage space
FAST & POWERFUL: Runs with Intel Celeron N3160 Quad-Core 1. 83GHz CPU and Chrome operating system (OS)

Timex Women’s Modern Easy Reader 32mm Watch

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Price: $49.00
(as of Jul 30,2021 08:24:46 UTC – Details)

Timex Women's Modern Easy Reader 32mm Watch WeeklyReviewer

From the manufacturer

Timex Women's Modern Easy Reader WatchTimex Women's Modern Easy Reader Watch

A Modern Twist On a ’70s Classic

Timex first introduced their Easy Reader collection in 1977… and they’ve been here ever since! Now the Modern Easy Reader takes a fresh approach to a lasting design.

Women’s Modern Easy Reader

Timex Women's Modern Easy Reader WatchTimex Women's Modern Easy Reader Watch

Timex Women's Modern Easy Reader WatchTimex Women's Modern Easy Reader Watch

Timex Women's Modern Easy Reader WatchTimex Women's Modern Easy Reader Watch

Easy-to-Read Dial

Easy-to-read with an updated twist. This watch has a clean dial with updated numbers for a modern look.

Attention to Detail & Quality

The Timex Modern Easy Reader pairs authentic watchmaking techniques with a contemporary design.

Indiglo

Timex created revolutionary Indiglo back-light technology, changing how the world told time in the dark.

Timex Watchmakers Established 1854Timex Watchmakers Established 1854

Product Dimensions‏:‎7.5 x 1.26 x 0.33 inches; 1.2 Ounces
Item model number‏:‎TW2T724009J
Department‏:‎Womens
Batteries‏:‎1 Lithium Metal batteries required. (included)
Date First Available‏:‎July 9, 2019
Manufacturer‏:‎Timex
ASIN‏:‎B07V6H4Q9H
Country of Origin‏:‎Philippines

White easy-to-read dial with full Arabic numerals
Rose gold-tone 32mm brass case with mineral glass crystal
Indiglo light-up watch dial
Water resistant to 30m (100ft): in general, withstands splashes or brief immersion in water, but not suitable for swimming or bathing

Paint by Sticker Kids, The Original: Create 10 Pictures One Sticker at a Time! (Kids Activity Book, Sticker Art, No Mess Activity, Keep Kids Busy)

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Paint by Sticker Kids, The Original: Create 10 Pictures One Sticker at a Time! (Kids Activity Book, Sticker Art, No Mess Activity, Keep Kids Busy) WeeklyReviewer

Paint your masterpiece with stickers!

Step 1: Find the sticker

Step 2: Peel the sticker

Step 3: Place the sticker

….and watch your painting come to life!

Includes everything you need to create ten sticker paintings on study card stock. Plus, all the pages are perforated—making it easy to tear out each finished work to frame and share!
 


From the Publisher

How Paint by Sticker works: Find the sticker, peel the sticker, place the sticker, and watch your painting come to life!

11

22

33

Plus, all the pages are perforated—making it easy to tear out each finished work to frame and share!

44

55

66

Also Available!

Publisher‏:‎Workman Publishing Company; Illustrated edition (April 5, 2016)
Language‏:‎English
Paperback‏:‎34 pages
ISBN-10‏:‎0761189416
ISBN-13‏:‎978-0761189411
Reading age‏:‎5 – 9 years
Grade level‏:‎Kindergarten – 5
Item Weight‏:‎8.6 ounces
Dimensions‏:‎9 x 0.2 x 8.8 inches

Georgia Power announces revised schedule, cost forecast for Vogtle units 3 & 4

ATLANTA, July 29, 2021 /PRNewswire/ — Georgia Power today announced a revised schedule and cost forecast for the Vogtle 3 & 4 nuclear expansion project, resulting from productivity challenges and additional time for testing and quality assurance. The company currently projects a Unit 3 in-service date in the second quarter of 2022 and a Unit 4 in-service date in the first quarter of 2023, representing a three-to-four-month shift for each unit. The company has also revised the total project capital cost forecast to reflect this updated schedule – resulting in a $460 million increase to Georgia Power.

“Georgia Power is focused on safety and quality as we complete this project,” said Chris Womack, chairman, president and CEO of Georgia Power. “Vogtle 3 & 4 remains a critical investment for the state to provide low-cost, reliable and emissions-free electricity for the state of Georgia for 60 to 80 years. This is too important to our customers, our state and our nation for us not to get it right, and we will.”

Georgia Power’s share of the total project capital cost forecast is now $9.2 billion, although the company has not sought approval of any capital costs above the $7.3 billion previously approved by the Georgia Public Service Commission. Additionally, there are special protections in place for customers during construction, including a reduction in the company’s return on investment for the project. Every month of delay in the project equates to an incrementally lower return, which translates to lower bill impacts during construction. For future, final cost recovery, an open and transparent prudency review is planned near the completion of Unit 4.

“We knew building the first new nuclear units in the U.S. in more than 30 years would be challenging. The project has endured extraordinary circumstances during construction, including the pandemic as the most recent. Through these challenges, we have learned a great deal. Unit 3 Hot Functional Testing has now been successfully completed with no significant issues identified, which is a critical step toward completion,” Womack added.

With the completion of Unit 3 Hot Functional Testing, Unit 3 direct construction is now 99% complete, with the total Vogtle 3 & 4 expansion project approximately 93% complete. The completion of hot functional testing marks a significant step towards commercial operations. During hot functional testing, plant systems achieved normal operating pressure and temperature, without nuclear fuel, to verify the successful operation of reactor components and systems together.

Carbon-free energy source

The new Vogtle units are an essential part of Georgia Power’s commitment to deliver safe, clean, reliable and affordable energy for customers and play a significant role in supporting Southern Company’s goal of net-zero carbon emissions by 2050.

Once operating, the two new units at Plant Vogtle will be able to power more than 500,000 homes and businesses. A diverse fuel mix, including nuclear, is also essential to maintaining a reliable and affordable energy infrastructure that attracts new investment, supports economic growth and creates jobs.

With more than 7,000 workers on site, and more than 800 permanent jobs available once the units begin operating, Vogtle 3 & 4 is currently the largest jobs-producing construction project in the state of Georgia. The project has also been an economic development driver for the region during construction.

About Georgia Power

Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America’s premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company’s promise to 2.6 million customers in all but four of Georgia’s 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the projected cost and schedule for completion of Plant Vogtle units 3 and 4 and expected job creation. Georgia Power cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power’s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the potential effects of the continued COVID-19 pandemic; the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects, including Plant Vogtle Units 3 and 4, which includes components based on new technology that only within the last few years began initial operation in the global nuclear industry at this scale, due to current and future challenges which include, but are not limited to, changes in labor costs, availability and productivity, challenges with management of contractors or vendors, subcontractor performance, adverse weather conditions, shortages, delays, increased costs, or inconsistent quality of equipment, materials, and labor, contractor or supplier delay, delays due to judicial or regulatory action, nonperformance under construction, operating, or other agreements, operational readiness, including specialized operator training and required site safety programs, engineering or design problems or any remediation related thereto, design and other licensing-based compliance matters, including, for nuclear units, inspections and the timely submittal by Southern Nuclear of the Inspections, Tests, Analyses, and Acceptance Criteria documentation for each unit and the related investigations, reviews and approvals by the U.S. Nuclear Regulatory Commission (“NRC”) necessary to support NRC authorization to load fuel, challenges with start-up activities, including major equipment failure, or system integration, and/or operational performance, and challenges related to the COVID-19 pandemic; the ability to overcome or mitigate the current challenges at Plant Vogtle Units 3 and 4 that could further impact the cost and schedule for the project; legal proceedings and regulatory approvals and actions related to construction projects, such as Plant Vogtle Units 3 and 4, including Public Service Commission approvals and NRC actions; under certain specified circumstances, a decision by holders of more than 10% of the ownership interests of Plant Vogtle Units 3 and 4 not to proceed with construction and the ability of other Vogtle owners to tender a portion of their ownership interests to Georgia Power following certain construction cost increases; the ability to construct facilities in accordance with the requirements of permits and licenses (including satisfaction of NRC requirements), to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; the inherent risks involved in operating and constructing nuclear generating facilities; the ability of counterparties of Georgia Power to make payments as and when due and to perform as required; the direct or indirect effect on Georgia Power’s business resulting from cyber intrusion or physical attack and the threat of physical attacks; catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, political unrest or other similar occurrences; and the direct or indirect effects on Georgia Power’s business resulting from incidents affecting the U.S. electric grid or operation of generating or storage resources. Georgia Power expressly disclaims any obligation to update any forward–looking information.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/georgia-power-announces-revised-schedule-cost-forecast-for-vogtle-units-3–4-301343974.html

SOURCE Georgia Power

Georgia Power announces revised schedule, cost forecast for Vogtle units 3 & 4 WeeklyReviewer

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Data from Tembo shows that over 55's earned 40% more from house price increases than aspiring first-time buyers earned at work

– Tembo, the first-time buyer mortgage specialists backed by Aviva and Nationwide announces the results of its impact and customer insights report for the first half of 2021

– Over the past six months, over 55s have earned £180 per day from property gains, compared to would-be buyers who have earned an average of £130 per day at work

– First-time buyers continue to face a monumental challenge to get on the property ladder, with house prices averaging seven times their average earnings.

– 68% of the first-time buyers Tembo has assisted in the same period would not have been able to buy a home without the support of their older family members

LONDON, July 29, 2021 /PRNewswire/ — Tembo, the next generation lending platform announces its quarterly impact and customer insights report. Its data shows that first-time buyers continue to face a monumental challenge to buy a home of their own, with house prices averaging seven times their average earnings over the past 6 months.

Yet existing homeowners have continued to prosper with the ongoing house price boom. The average Tembo booster’s home is now worth £398k. This equates to a cash gain over the past 6 months of £24k based on 6.3% average growth in house prices for the first half of 2021.

By comparison, aspiring homebuyers struggling to afford to buy their first home have earned an average of £17k from work over the same period.

Over the past six months boosters have earned £180 per day from the increase in their house prices alone. This compares to homebuyers who have earned an average of £130 per day over the six months from working in their jobs. As a result, the report surmises that boosters have earned over 40% more from their homes than homebuyers have earned from their jobs during the first half of 2021.

Whilst annual incomes have remained relatively flat, it is encouraging to see there has been an impressive rate of saving amongst first time buyers during the pandemic, with current average savings pots sitting at £26k.

Richard Dana, CEO and Co-founder of Tembo commented “Each day that goes by, the dream of homeownership gets that little bit further out of reach for younger generations. The over 50’s own nearly three-quarters of all property wealth in the UK, whilst only accounting for a third of the population. This imbalance in wealth distribution across generations has been steadily increasing over the past 40 years, driven in part by the ongoing boom in property prices.”

Tembo’s family lending products, the Income Boost and Deposit Boost allow first-time buyers and families to lean on loved ones to help them onto the property ladder without causing them unnecessary disruption and risk or requiring a lump cash sum. 68% of its first-time buyer users would not have been able to buy a home without the support of their family through a Boost.

Richard Dana continues “There are many ways to help address the housing crisis facing young people in the UK. Many of those solutions, like building more homes, will take a long time to implement and are completely out of the hands of the families and young people who need them most. At Tembo we are proud to offer a service that can offer an immediate solution to would-be buyers, so they can begin building up equity in their own home. Our innovative boost products help families work together to transfer wealth from older to younger generations in a safe and ethical way to help them buy a home.”

Based on 2,432 Tembo Money users 1 January – 30 June 2021. Full report here.

About Tembo

Tembo is a London based FinTech on a mission to transform consumer lending through the power of family. Starting with homeownership, its innovative range of family mortgages are helping first-time buyers get on the ladder faster and for less. Over 70% of its users to date wouldn’t have been able to buy without these products, and on average they have saved £14,000 in interest charges. The brainchild of finance and technology expert Richard Dana, Tembo is backed by some of the UK’s leading financial brands including Aviva and Nationwide.

 

Data from Tembo shows that over 55's earned 40% more from house price increases than aspiring first-time buyers earned at work WeeklyReviewer

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