MortgageGym, the FCA-regulated mortgage robo-adviser from London, has announced the successful completion of a €4.25 million funding round with investors like LSL Property Services, which is the parent company of the UK’s second largest mortgage network. Following this latest funding round, MortgageGym is now valued at around €13.4 million, despite only having fully launched its proposition earlier this year and the funding will enable ongoing investment in the company’s development of mortgage robo-advice and artificial intelligence services. The investment round included the obtaining of FCA approval.
The funding round follows a seed funding of £500K and £2 million in 2017, and almost a year of integration with GoCompare’s services. In addition, MortgageGym has entered into a strategic partnership agreement with LSL mortgage broker networks – which, at the end of 2017, had some 2,298 mortgage advisers and arranged £21 billion in lending in 2017.
Founded in 2016, MortgageGym is a regulated mortgage robo-adviser, offering a free 60-second mortgage-matcher and mortgage advice, which is enhanced through its full integration with Experian credit files, and mortgage lenders’ live scorecards.
MortgageGym’s instant mortgage-matching positions it to answer a recent call by the FCA to further support mortgage applicants: the regulator announced in May that it wants consumers to be able to identify and easily compare the mortgages they are qualified to reasonably win.
The investment sees the promotion of Jeremy Moll to the company’s Managing Director from Chief Commercial Officer. Jeremy has over 28 years of experience in the UK mortgage and insurance industries.
John Ingram, co-founder of MortgageGym, said: “Other digital mortgage platforms are constrained by their aim to organically grow their customer-base and build broker support at the same time, while our compelling fusion of ‘bricks and clicks’ will allow us to rapidly alleviate homebuyers of the uncertainty and stress of mortgage applications on a national scale. We are thrilled that the business will benefit from the new investment and we are delighted that Jeremy has been promoted to the company’s Managing Director during this exciting time. The UK mortgage market is poised for digital revolution, and we are here to drive it.”
The strategic partnerships agreements with GoCompare and LSL build on MortgageGym’s existing commercial arrangements with the UK’s leading conveyancer, MyHomeMove. Essential partner services are seamlessly integrated into the MortgageGym user journey, supporting consumers in all aspects of their home-move.
The FCA-authorised service allows 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.