By Daniel Lanyon on Monday 5 October 2020
The investment was led by global financial services firm Macquarie and Patron Capital.
Digital mortgage lender Molo has raised a further £266m in debt and equity funding, completing its Series A equity funding round as it sees a "significant surge" in online mortgage applications since the pandemic.
The capital raise comes after a first tranche of £10m for the Series A round that closed in January 2020. The investment was led by Macquarie and Patron Capital, a pan-European institutional investor focused on property-backed investments.
The equity round was led by Yabeo, an international Venture Capital firm and supported by existing shareholders Andenes Investments, GPS Ventures and others.
The new funding will be used to accelerate the company’s growth through additional online lending and investment in its proprietary technology and new product propositions.
Molo says it has experienced significantly higher volumes of online mortgage applications post COVID which point to the growing popularity of digital lending. In August and September alone, it says its pipeline of buy to let mortgage applications exceeded £500m.
Francesca Carlesi, CEO and Co-Founder of Molo said: “Molo has reimagined the whole mortgage experience from scratch; we are applying the convenience and speed of today’s technology for today’s customers. Leveraging instant decisioning and real time data validation, customers can get certainty about their mortgage directly on their mobile, in minutes rather than weeks. This additional backing is a sign of trust in Molo, and we are proud to have reputable players like Macquarie, Patron and Yabeo on our team as we seek to revolutionize the mortgage market.”
SpecFin Capital advised Molo.
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Amelia Isaacs