Sprive Secures $7.3M to Simplify Mortgage Overpayments
UK fintech Sprive has raised $7.3 million in a funding round led by Ascension, an impact investor. This funding will boost Sprive's mission to help UK homeowners save money and pay off their mortgages faster.
Launched in October 2021, Sprive offers a "mortgage overpayment" platform. The app automates overpayments and helps users find better mortgage deals, potentially saving them an average of £10,000 over the mortgage term.
How Sprive Works
Sprive links to users' bank accounts and tracks their everyday spending at major UK supermarkets. By leveraging cashback offers and discounts, the app automatically directs spare cash towards mortgage overpayments. This strategy reduces interest paid and can shorten the mortgage term by years.
Sprive also continuously scans the market for better mortgage deals, further optimizing users' savings.
Lenders struggle to innovate in the mortgage industry due to reliance on traditional mortgage advisors," CEO Jinesh Vohra told TechCrunch. "Sprive offers a digital solution, accessing spending, mortgage, credit, and property information to efficiently acquire new customers.
The company generates revenue through mortgage refinancing commissions and a portion of user savings generated through shopping and switching mortgages.
The funding round also included participation from Channel4Ventures, Velocity Capital, and Two Magnolias.
This investment underscores the growing demand for innovative fintech solutions that empower consumers to take control of their finances and achieve their financial goals faster.
