Molo Finance, a London-based startup looking to revolutionise mortgages, has raised £3.7m in seed funding.
The round, which was led by Ubon Partners, will enable the company to bring its fully digital mortgage solution to the UK market later in the year.
Led by Francesca Carlesi, CEO, Molo Finance’s goal is to create an end-to-end mortgage process that is ‘simple yet secure, transparent, and a frictionless experience’ for the customer whilst helping to eliminate any unnecessary costs related to the current process. To do this, it provides a fully digital mortgage solution to transform the outdated mortgage industry for investors, homeowners, and new buyers across the UK.
Molo is currently not regulated as its is launching with Buy To Let products only, while adhering to the ‘highest regulatory standard’. However, The company have initiated the regulatory approval process with the FCA to be able to soon add regulated residential mortgages to our product range.
Carlesi said: “UK customers presently wait between 18-40 days for their mortgage application to be processed. Molo wants to take the complexity out of this process and give customers back the most valuable thing of all – their time!”
Molo Finance has been operational since the summer of 2017. Prior to co-founding the company, Carlesi spent almost 15 years in banking across different domains, Starting her career in McKinsey, she subsequently moved to banking, at Barclays and Deutsche Bank in London. After holding several senior positions, she decided to start Molo last year.
Earlier this year, digital mortgage point-of-sale software developer Cloudvirga has raised $50m in its Series C funding round. The investment was led by private equity firm Riverwood Capital, and participation from Upfront Ventures.
The deal came days after UK-based online mortgage broker Trussle closed a £13.6m funding round led by Goldman Sachs Principal Strategic Investments and Propel Venture Partners.
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