American digital homeownership platform听Better听plans to acquire London-based online mortgage broker听Trussle.听
Founded in 2015,听Trussle听provides independent advice to customers who are looking to buy a home or refinance an existing mortgage.听听
The company assesses customer suitability, provides advice on mortgage and protection products and interacts with over 90 lenders to close mortgages for UK homeowners.听听
Since inception,听Trussle听has sourced over 拢2.7 billion of mortgage approvals for UK consumers with 拢1.1bn of that in the last 12 months.听
鈥淏etter eliminates the high financing costs, massive transactional friction, tyranny and mind-numbing bureaucracy that comes with getting a mortgage and buying a home in the UK via a high street bank,鈥� said Vishal Garg,听founder and CEO of Better.听
鈥淲e researched the UK market and were surprised to see how we could make it so much better for consumers buying and financing a home for the first time.听听
鈥淲e found a kindred spirit in the team at听Trussle听who have developed a platform that we can work alongside to help every Briton own their own home. Making homeownership affordable and accessible for all customers is a key tenet of a well-functioning credit system and we are here to help grow听Trussle听and make it even better.鈥�听
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Trussle听captures critical data on customer demand, lender pricing and risk eligibility matrices which Better says will provide valuable insights when analysed using its own technology.听听
Better also says it will enhance听Trussle鈥檚听revenue profile by developing a pipeline of B2B relationships with estate agencies, property developers and financial services companies, investing in customer acquisition and driving听attachment rates across product offerings, including insurance and conveyancing.听听
Ian Larkin and the existing management team will continue to lead听Trussle听following the acquisition, the terms of which were not disclosed.听
鈥淚t is 27 years since the World Wide Web was launched and most consumer industries have embraced it by now,听but the UK mortgage market is still characterised by analogue systems and processes,鈥� said CEO Larkin.听听
鈥淭his market should not require consumers to apply for a mortgage听five听months before the end of the Stamp Duty holiday.听
鈥淲e are very excited about becoming part of Better, and we are confident that听Trussle鈥檚听future looks brighter than ever as part of a large and growing international organisation that shares our commitment to making homeownership more simple, fair and accessible for all.鈥�听
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