Wayhome, a gradual homeownership provider, has scored £8m in a Series A funding round headed by Allianz X.
Also taking part in the round were Augmentum Fintech, Volution, Love Ventures and Cur8 Capital.
Wayhome claims it offers a completely new way for people to get on the housing ladder without needing to take out a mortgage. Homeowners are able to get capital to buy a home worth up to eight times their income with only a 5% deposit.
The funding raised will provide cash runway to break-even point as Wayhome continues to disrupt the conventional home buying space with their unique Gradual Homeownership model.
Part of this strategy will be to forge further partnerships with mortgage brokers and lenders in the coming months as an important part of Wayhome’s continuing growth and expansion.
Wayhome currently boast an annual rate of £100m deployed in customer property purchases and intend that the raise will assist the leadership team in doubling this to £200m per year within 12 months.
Wayhome CEO Nigel Purves said, “We are delighted to continue to be in partnership with such eminent investors as Allianz X and Augmentum and to be working with game-changing new investors too.
“Due to the way that the Gradual Homeownership model works, the rising interest rates seen since September’s controversial mini-budget have delivered even greater demand for our product. With the recent ending of the Help to Buy scheme there are now hundreds of thousands of would-be homeowners seeking alternative ways to access the property ladder.”
Purves remarked that this significant funding raise will fuel the company’s ambitions to double the pace at which the firm can help new homeowners within 12 months.
He added, “Homebuying has been somewhat traditional for centuries. Our alternative is the best of all worlds as a part buy, part rent proposition that allows our customer to buy their ideal home, in their ideal location, today without waiting for years.”
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