UK Fintech start-up has secured 拢7million in Series A funding as it seeks to transform the experience of getting a mortgage.
The fast-growing online mortgage broker, which raised 拢800,000 in an earlier seed funding round, will use the investment from NVM Private Equity and Maven Capital Partners alongside other investors to continue its rapid growth and innovation.
Launched a year ago by industry entrepreneurs Richard Hayes and Nick Sherratt, Mojo has helped nearly 50,000 people and saved customers 拢4million in broker fees with its online mortgage journey, which dramatically reduces the time it takes a get a decision.
The additional funding will enable the team to further accelerate growth by continuing to evolve its unique and intuitive mortgage experience.
The Series A funding is one the biggest raises reported outside of London in the last 12 months.
Mojo co-founder Richard Hayes said: 鈥淲e are on an absolute mission to deliver the UK鈥檚 best mortgage experience and make mortgages easy.
鈥淭he UK mortgage market is the largest in Europe, but investment into the sector has been disproportionate in comparison to other financial verticals.
鈥淭his has resulted in poor customer experience and a significant lack of innovation. Mojo intends to put that right.鈥�
Mojo鈥檚 algorithm-powered mortgage recommendations give customers more certainty around eligibility and ensures they get the cheapest deal now and in the future.
Co-founder Nick Sherratt said: 鈥淢ojo is leading the evolution of the mortgage market. We鈥檙e delighted that Maven and NVM have joined our existing investors in backing our ambitious strategy for growth.
鈥淭hrough innovation and continuing to build and develop our amazing team, we will achieve our vision of a better mortgage experience for everyone.鈥�
Charlotte Clarke from NVM said: 鈥淣VM is incredibly excited to be backing Nick and Rich during the next phase of Mojo鈥檚 growth.
鈥淲e are particularly excited by the substantial market opportunity and management鈥檚 enthusiasm to create a better mortgage journey for consumers.
鈥淣VM looks forward to supporting the team as they drive the business forward.鈥�
Jeremy Thompson, investment manager at Maven said: 鈥淢ojo has created a fantastic platform which allows customers to compare and apply for mortgages online, with advice from experienced mortgage brokers.
鈥淭he 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.鈥�
The start-up is a finalist in three categories at the 2019 British Bank Awards. Mojo stands to win the Best Mortgage Broker, Innovation of the Year and Best Newcomer titles. Winners will be announced in March.