The UK’s only independent mortgage overpayment app has closed a £5.5m funding round to accelerate its mission of helping homeowners in Britain repay their mortgages faster, as household debt hits an all-time high.
London-based Sprive saw the investment round led by Ascension, with participation from Channel4Ventures, the broadcaster’s consumer investment arm, Velocity Capital, and Two Magnolias.
The funding will also allow the business to scale beyond its initial word-of-mouth growth strategy.
The FinTech helps homeowners to pay off their mortgages faster, reducing interest costs and boosting their financial freedom.
Launched just 3 years ago, Sprive has already gained recognition in the financial sector, recently being chosen by NatWest as one of five FinTechs to join its inaugural FinTech growth programme.
“Sprive is set to have a huge positive impact on our customer’s finances, as our average user is already on track to slash three years off their mortgage term, collectively saving our users more than £100 million in interest alone,” said Jinesh Vohra, CEO of Sprive.
“We’re proud to offer the fastest way to financial freedom for the homeowner and we’re determined to help as many as possible achieve it.”
The firm’s app looks to allow homeowners to pay off their mortgage faster through their everyday shopping, by automatically putting spare cash towards overpayments and by continuously scanning the market to help customers find better mortgage deals.
Jean de Fougerolles, managing partner at Ascension, added, “We’re thrilled to back Sprive in its mission to help homeowners take control of their finances. With mortgage debt becoming an entrenched issue, Sprive’s approach offers a tangible solution to a growing problem.
“Since downloading the app as part of our DD process, I’ve become a heavy user, taking money off my mortgage with every shop!”
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