The ‘mortgage robo-adviser’ has seen an investment and strategic partnership agreement with LSL Property Services.
Mortgage robo-adviser MortgageGym has closed £3.8m from investors, including LSL Property Services plc (LSL), the parent company of the UK’s second largest mortgage network.
The GoCompare Group has also increased its shareholding as part of this investment round. Following the new investment round MortgageGym is valued at £12m despite only having fully launched its proposition earlier this year.
The new funding will development its mortgage robo-advice and artificial intelligence platform
John Ingram, co-founder of MortgageGym, says the new funding round and strategic partnerships should help the form “revolutionise” the UK mortgage market.
“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 have carefully chosen investors that not only bring funds, but invaluable, symbiotic business models and expertise. As a result, we do not need to invest in costly customer acquisition or building a broker-base.”
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.