Trussle, the UK’s online mortgage broker, was first to introduce online mortgage broking to the UK in 2015. It was seeking to disrupt the antiquated mortgage market and has paved the way for a new generation of tech-enabled mortgage startups. By using proprietary automation and a mortgage monitoring service to compare and track thousands of mortgage products from more than 90 lenders, Trussle harnesses technology to secure the most suitable mortgage deal for borrowers in a fraction of the time of traditional brokers.
Today, the London-based startup announced it has received a €5.27 million in a funding round led by Orange Growth Capital. Existing investors LocalGlobe, Zoopla, and Seedcamp, who together supported a €1.28 million seed round in February 2016, alongside angel investors Ed Wray, co-founder of Betfair, and Ian Hogarth, co-founder of Songkick, are also behind the deal. The €5.27 million investment will be used to further develop the product and continue growing the brand of the industry-first service.
In September, Trussle launched an industry-first partnership with leading property portal Zoopla to allow buyers who start their property search online to find and finance their home in one seamless journey. According to Trussle, the partnership is driving an average of €5.8 million worth of mortgage enquiries via the Zoopla website each day. Further partnerships with comparison site uSwitch, online estate agent HouseSimple, and credit bureau Noddle, are also maximising the reach of the positive impact on borrowers embarking on what is usually the biggest financial decision of their life.
Ishaan Malhi, CEO and Founder of Trussle said: “Since launching Trussle, we’ve been overwhelmed by the scale of the movement we started. Our customers have signed several high-profile partnerships that allow us to reach over 90% of the home-owning population, and now manage €1.17 billion worth of mortgages on behalf of UK homeowners. All together it’s validation that we’ve uncovered a real consumer problem, and the technological innovation we’re starting to see from new entrants, as well as traditional brokers, suggests our innovative approach is having a real snowball effect.“