Sprive, an AI-driven consumer FinTech app, has closed a £7.7 million Series A funding round.
The company, which was founded in 2019 by former Goldman Sachs bankers Jinesh Vohra and Saad Hashim, allows customers to use cashback earned by paying for everyday shopping through the app to automatically overpay their mortgage – allowing them to cut interest charges and even shorten their mortgage terms.
The app – which featured on our most recent PropTech 50 ranking – also scans the market allowing customers to easily switch to cheaper mortgage deals.
To date the facility has enabled customers to cut their mortgage balances by £26m and potentially save over £300m in interest. The app currently has 567,000 registered users and supports some £42bn of mortgages.
Sprive raised £5.5m in funding last year. Significantly, this Series A received backing from all of its core investors including Ascension, an impact investor which specialises in early stage investments, Channel 4 Ventures, the broadcaster’s consumer investment arm and the Velocity EIS Technology Fund, a fund which has backed a number of consumer businesses.
Sprive also welcomed a host of new investors, including Active Partners, a consumer-focused investment firm, Wealth Club, Rank Ventures, and a number of angels with deep FinTech backgrounds.
The company featured earlier this year on the BBC television programme Dragons’ Den. Revenue growth has since accelerated to more than 25 times since January 2025 with annualised spend through the app up 35 times over that period to £328m. Sprive recently turned cash flow positive with an annual revenue run rate of more than £18m.
“Given the cost-of-living crisis, with mortgage rates going through the roof, and borrowers being pushed into extending their mortgage terms in cases well into retirement, the ability to use your weekly shop to reduce your mortgage interest, and ultimately the term of the loan, is hugely appealing. Over time these payments can really add up,” said CEO Vohra.
“The fact that even in this tough investment market we managed to pull off this Series A raise is a huge vote of confidence, particularly as so many of our previous backers had no hesitation coming back for more.
“With these new funds under our belt, and having convincingly shown the viability of our product and our business, we are now in a strong position to step up our marketing push significantly and accelerate both customer acquisition and revenue growth.”
Jean de Fougerolles, Ascension managing partner, added: “Sprive is a great example of the businesses Ascension wants to back. Technology that changes the systems we all rely on in everyday life. For most people, a mortgage is the biggest financial commitment they’ll ever make, yet managing it is still surprisingly passive.
“Sprive is changing that, starting with mortgages and ultimately giving people a much easier way to take control of debt more broadly. Since we invested, the user base has grown 10x and last month 1.2% of mortgaged homeowners shopped through Sprive.
“With 8.5 million owner occupied mortgages in the UK, the headroom from here is significant. We’re excited about what that could become at scale: a platform that genuinely changes people’s relationship with debt and gives households more control over their money.”