UK Fintech startup Mojo Mortgages has secured £7million in Series A funding to transform the experience of getting a mortgage.
The fast-growing online mortgage broker, which already raised £800,000 in an earlier seed funding round, will use the investment from NVM Private Equity and Maven Capital Partners alongside other investors to continue its rapid growth and innovation.
Launched just one year ago by industry entrepreneurs Richard Hayes and Nick Sherratt, Mojo has helped nearly 50,000 people and saved customers £4million* in broker fees with its online mortgage journey, which dramatically reduces the time it takes a get a decision.
The additional funding will enable the team to further develop the same-day mortgage offers utilising open-banking and automation technology, as well as accelerating the growth and evolution of their already unique mortgage experience.
The Series A funding is one of the biggest raises reported outside of London in the last 12 months.
Mojo’s algorithm-powered mortgage recommendations give customers more certainty around eligibility and ensures they get the cheapest deal now and in the future.
The disruptive fintech will use the investment to enable same-day mortgage offers utilising Open Banking technology. Its Mortgage Matcher will analyse a customer’s spending habits to automatically recommend their perfect deal.
The tech will identify customers’ existing mortgage or rent payments and let them know if they could save money with a better deal. The eligibility service, which is also available to Mojo’s strategic partners, combines automation and machine learning to give customers more accurate mortgage recommendations, online and in real-time.
Mojo Co-founder Richard Hayes said: “We are on an absolute mission to deliver the UK’s best mortgage experience and make mortgages easy. The UK mortgage market is the largest in Europe, but investment into the sector has been disproportionate in comparison to other financial verticals. This has resulted in poor customer experience and a significant lack of innovation. Mojo intends to put that right.”
Co-founder Nick Sherratt said: “Mojo is leading the evolution of the mortgage market. We’re delighted that Maven and NVM have joined our existing investors in backing our ambitious strategy for growth. Through innovation and continuing to build and develop our amazing team, we will achieve our vision of a better mortgage experience for everyone.”
Charlotte Clarke from NVM said: “NVM is incredibly excited to be backing Nick and Rich during the next phase of Mojo’s growth. We are particularly excited by the substantial market opportunity and management’s enthusiasm to create a better mortgage journey for consumers. NVM looks forward to supporting the team as they drive the business forward.”
Jeremy Thompson, Investment Manager at Maven said: “Mojo has created a fantastic platform which allows customers to compare and apply for mortgages online, with advice from experienced mortgage brokers. The Mojo team led by Nick and Richard is on a mission to change the way we buy mortgages in the UK, and they are driven by improving the mortgage experience for customers. Maven are hugely excited to be supporting the team to help them achieve this.”
Mojo helps customers discover great deals from more than 90 lenders and offers free advice on their best option in 15 minutes before handling the entire application on their behalf.