Blockchain mortgage platform Acre secures £6.5m to simplify home-buying
Starling backer McPike joins Aviva and Founders Factory in the fintech’s second raise since it was founded in 2017.
Acre, the fintech looking to change the way Brits buy property, has just secured £6.5m in investment.
CEO Justus Brown was the former head of product at Founders Factory, which, alongside Aviva and Founders Factory — where Acre CEO Justus Brown was formerly chief product officer — were joined by elusive Starling backer McPike Global Family Office in this round as the fintech continues on its mission to digitise the homebuying journey.
With its foundation on the blockchain, Acre helps traditional brokers compete with their digital rivals as lending gets increasingly complex and brokers have an increased responsibility to their customers.
“We pride ourselves on being at the forefront of innovation in financial advice, delivering a new, modern approach that simplifies the advice journey for brokers and delivers on the needs of clients,” Brown said.
“This latest fundraise demonstrates our strength and commitment to the market and supercharges our ambitions as the tech platform of choice for brokers.”
In 2022, Acre saw its user base quadruple, with the platform growing to more than 1300 users and its team expanding by 50 per cent.
It also integrated with five lenders last year, including Santander and TSB, alongside seeing 10 times growth over the year to more than £10bn in annual mortgage volume.
Acre says it plans to continue this growth in 2023 by rolling out new partnerships with lenders and insurers to help its brokers recommend and apply for the correct financial products and services.
“For many homebuyers, the financial turmoil of last year led to a greater appreciation of mortgage brokers and this trend is continuing into 2023,” Brown added.
“We give brokers the right tools, data and insight at the click of a button, so that they can excel at delivering speedy, efficient advice that meets the individual requirements of each case in a dynamic market.”
Now with £11.5m raised, Acre plans to continue trying to rewire the mortgage market and to help both brokers and lenders get their best outcome for their clients.