MortgageGym, probably the world’s first regulated mortgage robo-adviser, has announced the successful completion of a seed funding round of £2 million ahead of its official launch this summer. The London-based startup was founded in 2016 and was authorised by the FCA in February 2017.
The MortgageGym service, which aims to change the nature of mortgage advice in the UK, will allow homebuyers to complete their mortgage application online in 15 minutes through a free, hybrid advice website offering mortgage eligibility matching within 60 seconds, regulated robo-advice and access to live advisors.
MortgageGym has raised over £1.3 million in cash and the balance in technology development finance through deals with the fintech investors Gaby Salem (Wharton Asset Management), China Pacific Capital, and Trifecta Capital.
Following the success of this seed funding round, MortgageGym expects to announce its strategic distribution partnerships within the next three months. The official launch is also just around the corner.
John Ingram, CEO and founder of MortgageGym, explains: “MortgageGym is committed to revolutionising the mortgage market through a whole-of-market, digital, free and accurate application process, which is the first of its kind. We will provide mortgage applicants with peace of mind by advising them on mortgages they can realistically attain based on the strict affordability grounds laid out in the FCA’s Mortgage Market Review.”