US proptech Better HoldCo has acquired UK mortgage provider Trussle
The acquisition will see Better accelerate its entry into the UK mortgage market.
The long-promised flurry of fintech M&A activity is most certainly here.
Founded in 2016, Better has so far funded $30.9bn of home loans and provided over $7bn in insurance coverage, while Trussle has sourced over £2.7bn of mortgage approvals here in the UK and £1.1bn of that is in the last 12 months alone.
“Better eliminates the high financing costs, massive transactional friction, tyranny and mind-numbing bureaucracy that comes with getting a mortgage and buying a home in the UK via a high street bank,” said Vishal Garg, Founder and CEO of Better.
“We researched the UK market and were surprised to see how we could make it so much better for consumers buying and financing a home for the first time. Making homeownership affordable and accessible for all customers is a key tenet of a well-functioning credit system and we are here to help grow Trussle and make it even better.”
With the acquisition of Trussle, Better is hoping to tap into the £1.5tr mortgage sector here in the UK by using the team’s extensive knowledge of the UK’s mortgage minefield and applying Better’s technology to help make homebuying easier for UK homebuyers.
“Better and Trussle were both founded on the understanding that consumers increasingly prefer to use online services to shop for and transact on major life purchases,” Ian Larkin, CEO of Trussle, added.
“It is 27 years since the World Wide Web was launched and most consumer industries have embraced it by now but the UK mortgage market is still characterized by analogue systems and processes. This market should not require consumers to apply for a mortgage 5 months before the end of the Stamp Duty holiday.”
Better will also help Trussle to build relationships with estate agencies, property developers and financial service companies by investing in its ever-growing network of UK customers.
Details of the acquisition have not been disclosed and are still subject to regulatory approval in both the US and UK.