A fintech mortgage lender has launched after securing £5m in seed funding.
The lender, entitled M:QUBE, aims to transform the UK mortgage market and has partnered with a select number of high profile financial institutions who will supply the debt capital used to issue mortgages.
The business aims to work exclusively through mortgage brokers to offer a range of competitive products.
M:QUBE has digitised and automated the entire mortgage application process using data and technology, with documents supplied by a broker via the platform able to be used to retrieve thousands of data points relevant to an application.
The fintech lender allows brokers to verify the accuracy of customer data before applications are submitted to prevent delays in the application process.
Stuart Cheetham, co-founder and chief executive at M:QUBE, said: “The UK mortgage market is one of the very few sectors in which consumers are yet to seriously benefit from advances in technology.
“We have built a technology platform that will lead to better outcomes across the eco-system, in particular for borrowers and mortgage intermediaries.
“M:QUBE has the power to transform this largely un-innovated market for the benefit of all key stakeholders and improve returns for banks, building societies and institutional investors in the process.
“Our mission is to help more people get the mortgage that best meets their needs, whether they intend to buy a home or are landlords investing in their family’s future.
“The current solutions are antiquated and simply do not offer the flexibility that consumers have become accustomed to in almost every other business sector.
“For example, in the UK there are huge swathes of the population which can afford their rent but are unable to get a loan to buy a property.
“This is just one example of the problems that we aim to solve.”