Online mortgage broker Trussle has raised £7.5m in funding.
This was from a new investor, the Dutch-based Rabo Frontier Ventures (RFV), alongside existing investors including Goldman Sachs Merchant Banking Division, Finch Capital and San Francisco-based Propel Venture partners.
Simon William, chairman of Trussle, said: “Owning a home should bring stability and freedom.
“Unfortunately, the reality is that finding a mortgage often creates stress, inconvenience and unfair treatment.
“Since Trussle launched in December 2015, we’ve helped thousands of homeowners get onto the property ladder and reduce their mortgage payments by switching to the right product.
“But there’s ample work to be done in revolutionising the archaic industry.
“Our business is at a pivotal stage in its journey and this new funding will enable us to accelerate our progress, especially through investment in our technology, to make the mortgage process quicker, easier and more transparent.
“We are committed to making the mortgage industry more accessible.
“Current statistics suggest there are more than two million people losing out on an average of £4,500 a year by being on the wrong mortgage and we intend to continue our work to make mortgages fairer.
“The funding from our investors not only exemplifies the progress we’ve made so far, but also the scale of the opportunity that lies ahead.”
Rabo Frontier Ventures, an €150m investment fund of Rabobank, focuses globally on innovative fintech and agtech companies, and has invested in other fintechs including Tide and Peaks.
Harrie Vollaard, head of Rabo Frontier Ventures, added: “The slow-moving and complex mortgage market is one of the biggest pain points of owning a home.
“Trussle is leading the way in reshaping the way people interact with their mortgage by utilising technology to make mortgages smarter, faster and fairer.
“We’re looking forward to working closely with Trussle on the next phase of their journey to redesign the mortgage application process, as well as additional services to better support their customers through the home ownership journey.”
Since 2016, Trussle has attracted £26.7m in funding.
Rana Yared, managing director of Goldman Sachs Merchant Banking Division, said: “We are delighted to continue to support Trussle.
“We believe the company is at the forefront of improving the UK mortgage experience.”