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.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.