MortgageGym, the mortgage robo-adviser, has managed to rake in £2 million in a seed funding round.
The company, based in London, is slated for its official launch this summer and claims that it will enable homebuyers to complete their mortgage applications online in 15 minutes through its free website. It claims to have on offer mortgage eligibility matching within 60 seconds, as well as regulated robo-advice and access to live advisors, according to the firm.
The company was founded in 2016 by entrepreneurs John Ingram and David Vertannes, and today, is an FCA-authorized service. It is being brought to market through an official partnership with Experian, the global information services group, and is integrated with users’ credit files and the credit risk scorecards of 12 of the top 20 mortgage lenders in the UK, which is what it uses to provide live eligibility matching and mortgage affordability advice. It also functions as a digital mortgage network, which allows brokers to acquire customers independently and remain MMR-compliant through a professional portal called MortgageGym Pro.
The company, which falls under the categories of both FinTech and PropTech, attracted investment from Gaby Salem, of private family office Wharton Asset Management; China Pacific Capital, a Hong Kong-based venture capital fund; and early-stage technology fund Trifecta Capital. John Ingram, CEO and founder of MortgageGym, said:
MortgageGym is committed to revolutionising the mortgage market through a whole-of-market, digital, free and accurate application process. We will provide mortgage applicants with peace of mind by advising them on mortgages they can realistically attain based on the strict affordability grounds laid out in the FCA’s Mortgage Market Review.
In fact, MortgageGym isn’t the first or only mortgage-related UK tech firm to draw investment support this year. Habito raised £5.5 million in a Series A round led by Silicon Valley’s Ribbit Capital back in January, and Trussle managed to rake in £4.5 million in a round led by Orange Growth Capital in February.