Buying a home is a huge financial commitment, and can be an experience wrought with stress and frustration. That’s why more than 70% of homebuyers getting a mortgage use a broker to help the process who will help them to navigate through the complex financial tasks associated with buying a home. However, brokers themselves are slowed by outdated processes, fragmented workflows, and compliance headaches.
London-based Acre‘s broker platform uses blockchain technology to consolidate detailed consumer and property data, and to bring together all the components of the mortgage application process into one unchangeable ‘record of transaction’. Its software puts brokers back in control of their business and offers a faster, easier experience for consumers.
Acre has now raised a €5.8 million round from Aviva and Sesame Bankhall Group (SBG), one of the UK’s largest distributors of financial advice. Acre will also be entering into an exclusive partnership with SBG, which will help it to expand its client base.
“Buying a house is one of the biggest financial transactions a person can make, yet the process is slow, opaque and fragmented, which is increasingly out of step with consumer expectations,” said Justus Brown, CEO and founder of Acre Software and former Founders Factory Chief Product Officer. “We’re changing this – levelling the playing field for brokers using innovative tech, while putting an informed consumer at the centre of the mortgage process. We are thrilled to have SBG’s distribution muscle and industry expertise, along with Aviva and SBG’s financial support at our disposal on this journey.”
“SBG serves over 10,000 financial advisers across the UK and facilitated £42 billion in mortgages last year,” said Martin Schultheiss, Group Managing Director of SBG. “These advisers are looking to us to help build the next generation of adviser services to ensure they stay competitive. Acre enables this future vision for us and will allow far greater value to be created through the advice process in less time.”
“Acre is a fantastic example of the kind of fintech business we want to help nurture,” added Ben Luckett, Managing Director of Aviva Ventures. “They have identified a market which could be improved through technology and they’ve gone for it by securing a very large distribution partner, which is often the missing ingredient for success. I’ve really enjoyed watching the company develop, and the investment we’re announcing today will allow them to build their team further and realise their full potential.”