FinTech start-up Unmortgage has raised 拢10 million as it looks to scale the business.
Unmortgage is a residential rent-to-own specialist based in London.
It will offer a unique part-own part-rent model of home ownership, requiring as little as five per cent deposit with customers paying a market rent on the portion of the home that Unmortgage owns, with the ability to increase the equity in the聽property as their financial circumstances allow.
The investment includes 拢2.5m from Augmentum Fintech, one of Europe鈥檚 leading venture capital investors in the sector, as well as funds from existing investor Exponential Ventures and others.
鈥淥ne of the things we look for in a potential investment is a business that is genuinely pathfinding in a sector which is ripe for innovation,鈥� said Tim Levene, CEO of Augmentum Fintech.
鈥淚n too many cases home-ownership remains out of reach for people, and the Unmortgage model addresses in an innovative way how people can access the homes they both need and want.
鈥淭he business is also attracting FinTech talent who want to participate in a business that has at its heart a social purpose鈥�.
The new funds are being raised by Unmortgage to scale the business and take the team from 12 to 40 people before the end of the 2018, prior to launch in 2019.