Paradigm chief executive Bob Hunt has invested In Dashly, the so-called ‘always-on’ mortgage switching panel.
Hunt has become a non-executive director at the startup, which alerts customers the moment it pays to take out another mortgage after all switching costs are taken into account like legals, product and early repayment charges.
Hunt said: “In recent years we have seen a number of new digital entrants trying to disrupt the mortgage sector but the changes they’ve brought are more style than substance.
“Dashly by contrast, which taps into the open banking revolution, is rethinking the entire mortgage industry and its vision is one I immediately bought into.
“Dashly does something totally unique in that it puts the consumer first, embeds the broker in their clients’ financial lives and at the same time empowers lenders by enabling them to target the exact borrowers they want.
“This is a company that optimises the loans of borrowers and lenders alike but at the same time puts brokers in a pivotal position. It’s an SVR killer, but one that causes no collateral damage to the rest of the industry.”
Paradigm is a mortgage distributor representing 1,290 broker firms, while it generated £4bn in new mortgages in the six months to September this year.
Dashly launched within the FCA sandbox in October.
Ross Boyd, founder of Dashly, said: “To have someone as respected in the mortgage industry as Bob Hunt join the team and back Dashly is a major boost for everyone here and confirms that we are on the right track.
“Bob’s understanding of the sector is second to none and for him to come onto the Dashly board is further validation of the customer-centric changes we have on our roadmap.
“Within the mortgage sector, the emerging technologies currently leveraging open banking, big data and AI are set to genuinely put customers first and fundamentally shift the balance of power to the consumer.
“But in Dashly neither the lender nor the broker loses out. In fact, both are empowered like never before.”