StepLadder, a UK-based FinTech helping first-time buyers to buy a property, has reportedly raised £1.5m in seed funding.
The capital injection was led by Spanish banking group BBVA and UK venture capital firm Anthemis, according to a report from TechCrunch. Other backers to the round included Seedcamp and unnamed angel investors.
With the fresh funds, StepLadder will increase developments to its platform and explore opportunities for international expansion.
StepLadder enables first-time buyers to work together and get onto the property ladder quicker. Each month all members of a group, known as a circle, puts in the same amount of money, ranging from £250 to £1,000. This money is then pooled together and at random a member is chosen to receive that month’s full pot.
Earlier in the year, BBVA led the $12m Series A round of US PayTech company Grabango. The solution offers in-store customers the ability to automatically check-out via its computer vision and machine learning systems.
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