Mojo Mortgages gets its mojo working with £7m funding
UK fintech start-up Mojo Mortgages has secured £7 million in a Series A funding round led by NVM Private Equity and Maven Capital Partners.
Series A follows a big seed investment round
The online mortgage broker, which already raised £800,000 in an earlier seed funding round, will use the investment for unspecified growth plans.
According to Mojo, its Series A funding is one of the biggest raises reported outside of London in the last year. The start-up is based in Macclesfield, Cheshire – in the north of England.
Mojo co-founder Richard Hayes says: “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.”
Launched one year ago by Hayes and Nick Sherratt, Mojo has nearly 50,000 customers on its online mortgage solution.
The lendtech offers deals from more than 90 lenders and free advice on their best option in 15 minutes before handling the entire application on their behalf.
Mojo says its algorithm is designed to give customers more certainty around eligibility and ensures they get the cheapest deal now and in the future.
