Trussle, the London-based pioneer in online mortgage brokerage, has secured €15.5 million in a Series B funding round led by Goldman Sachs Principal Strategic Investments and Propel Venture Partners. Launched in 2016, the fintech company has been spearheading a “revolution” in the mortgage market by harnessing technology to offer consumers a fairer, faster and more transparent mortgage experience. Previous investors include Finch Capital and Seedcamp.
Trussle’s team has grown from 14 to 70 people since the last fundraising round in February 2017. The startup launched the first continuous mortgage monitoring service last year, which constantly monitors the market and alerts a customer when money could be saved by switching to another deal. Trussle harnesses technology to secure the most suitable mortgage deal for borrowers in a fraction of the time of traditional brokers.
The young company has also been an active consumer champion. In a bid to reduce the £10 billion wasted by home owners every year through being on the wrong deal, the company is calling on the government to introduce a Mortgage Switch Guarantee, which proposes new industry measures to offer more protection to customers when it comes to switching.
Ishaan Malhi, CEO and founder of Trussle, said: “Since launching two years ago, we’ve worked tirelessly to create a better mortgage experience for consumers. One that respects their time, wallet and aspirations. Every year millions of existing and aspiring homeowners are failed by the industry’s shortcomings and we exist to fix that.” He continued: “The funding will enable us to invest significantly in building our brand and our product but fundamentally, will accelerate us towards our vision of digitising the end-to-end journey to make home ownership more affordable and accessible to all.”
Philip Aldis, Managing Director at Goldman Sachs, commented: “Trussle is at the forefront of revolutionising the UK mortgage market, making it more efficient and convenient for consumers to find the right mortgage. We look forward to supporting the company’s ambitious growth plans.”