UK Mortgage FinTech Sprive Secures £5.5M Investment from Ascension: A Transformative Boost for Property Financing
Sprive, a pioneering UK FinTech company dedicated to assisting homeowners in accelerating their mortgage repayments, has successfully secured £5.5 million in a recent funding round. This investment is expected to significantly enhance the company’s innovative solutions aimed at reducing household debt.
Funding Round Led by Notable Investors
The latest funding round for Sprive was spearheaded by Ascension, with additional support from Channel4Ventures, Velocity Capital, and TwoMagnolias. This financial backing will enable Sprive to enhance its marketing strategies and extend its outreach beyond its initial organic growth approach.
Unique Mortgage Overpayment App
Sprive stands out as the UK’s only independent mortgage overpayment app, designed to help users repay their mortgages more swiftly. Given that mortgage debt comprises approximately 80% of UK household borrowing, the relevance of Sprive’s services is more critical than ever, especially in light of rising interest rates and concerns surrounding long-term mortgage commitments.
Plans for Expansion and Marketing
With the newly acquired funds, Sprive aims to:
- Expand its marketing efforts on TV and streaming platforms.
- Increase brand awareness among potential users.
- Accelerate its journey towards profitability.
As part of its growth strategy, Sprive has been selected by NatWest for its inaugural FinTech growth programme, a testament to the company’s rising profile in the financial technology sector.
CEO’s Vision for Homeowners
Jinesh Vohra, CEO of Sprive, expressed confidence in the impact of their app, stating, “Sprive is set to have a huge positive impact on our customers’ finances, as our average user is already on track to reduce their mortgage term by three years, collectively saving over £100 million in interest.” He emphasized the company’s commitment to providing the quickest path to financial freedom for homeowners.
Industry Support and Future Outlook
Jean de Fougerolles, managing partner at Ascension, shared his enthusiasm, stating, “We’re excited to support Sprive in its mission to empower homeowners financially. Given the escalating issue of mortgage debt, Sprive offers a practical solution to this growing challenge.”
Vinay Solanki, head of Channel 4 Ventures, added, “Our Untapped strategy is focused on identifying solutions to significant consumer challenges. We believe that every residential mortgage holder in the UK can benefit from using Sprive.”
For more insights into how technology is transforming the mortgage landscape, visit Finextra.
