UK Fintech Sprive Secures $7.3M Funding to Revolutionize Mortgage Overpayments
Discover how the innovative Sprive fintech app is transforming the mortgage repayment landscape in the U.K. This cutting-edge platform enables homeowners to repay their mortgages more quickly while earning cash-back rewards, making it an appealing option for those looking to save money on their home loans.
Understanding the Sprive Fintech App
Launched in October 2021, Sprive has already made a significant impact on the mortgage industry. Recently, the app closed a successful funding round of £5.5 million ($7.3 million) led by Ascension, a venture capital firm known for its focus on impact investing. Other notable investors include Channel 4 Ventures and Velocity Capital.
How Sprive Works
The Sprive app offers a unique approach to mortgage repayment by allowing users to:
- Integrate everyday spending: Users can link their bank accounts to the app and make overpayments through their regular shopping.
- Utilize cash-back rewards: By taking advantage of cash-back offers and discount vouchers, homeowners can contribute extra funds towards their mortgage balance.
- Access better mortgage deals: Sprive continuously scans the market to help users find more favorable mortgage options, potentially saving them thousands.
Benefits of Using Sprive
By leveraging automation and strategic spending, Sprive claims that users can save an average of £10,000 over the lifetime of their mortgage. This can lead to:
- Reduced interest payments: Users can save money on interest and potentially shorten their mortgage term.
- Streamlined refinancing: Sprive simplifies the process for lenders, providing a digital platform that reduces costs associated with acquiring new customers.
- Quick rewards: Homeowners can receive cash towards their mortgage within 15 minutes of shopping through the app.
CEO Insights on the Future of Mortgages
According to CEO Jinesh Vohra, traditional mortgage lenders often rely on fragmented mortgage advisers, which makes innovation costly. However, Sprive aims to provide a more efficient digital solution by accessing users’ spending, mortgage, credit, and property information.
“Every time someone shops or switches mortgages, we make money,” Vohra explained. “We scan the market daily for better mortgage deals, ensuring our users are always getting the best options available.”
Conclusion
The Sprive app represents a significant shift in how homeowners can manage their mortgages. By combining technology with everyday spending, it not only offers convenience but also substantial financial benefits. For more information about Sprive and how it can help you save on your mortgage, visit the official Sprive website.
For those interested in exploring more about mortgage options and financial technology, check out our detailed guides on mortgage options and fintech solutions.
