Online mortgage broker Mojo Mortgages has secured £7m in series A funding from NVM Private Equity and Maven Capital Partners.
The additional funding will enable the team to further develop its same-day mortgage offering which utilises open-banking and automation technology.
Richard Hayes, Mojo co-founder, said: “We are on an absolute mission to deliver the UK’s best mortgage experience and make mortgages easy.
“The UK mortgage market is the largest in Europe, but investment into the sector has been disproportionate in comparison to other financial verticals.
“This has resulted in poor customer experience and a significant lack of innovation. Mojo intends to put that right.”
Nick Sherratt, fellow Mojo co-founder at Mojo, added: “Mojo is leading the evolution of the mortgage market. We’re delighted that Maven and NVM have joined our existing investors in backing our ambitious strategy for growth.
“Through innovation and continuing to build and develop our amazing team, we will achieve our vision of a better mortgage experience for everyone.”
Charlotte Clarke from funder NVM said: “NVM is incredibly excited to be backing Nick and Rich during the next phase of Mojo’s growth.
“We are particularly excited by the substantial market opportunity and management’s enthusiasm to create a better mortgage journey for consumers. NVM looks forward to supporting the team as they drive the business forward.”
And Jeremy Thompson, investment manager at Maven, added: “Mojo has created a fantastic platform which allows customers to compare and apply for mortgages online, with advice from experienced mortgage brokers.
“The Mojo team led by Nick and Richard is on a mission to change the way we buy mortgages in the UK, and they are driven by improving the mortgage experience for customers. Maven are hugely excited to be supporting the team to help them achieve this.”
The online mortgage broker has already raised £800,000 having been launched a year ago by Hayes and Sherratt.