Mortgage robo-advisor MortgageGym has secured £3.8m in its latest round of funding, valuing the company at £12m.
Contributions to the round came from LSL Property Services, and previous backer GoCompare Group. The round of funding included the acquisition of the FCA approval.
Alongside the closing of the deal, MortgageGym has formed a strategic partnership with LSL.
MortgageGym is a robo-advisor for mortgages which helps to provide consumers with a range of offers from multiple lenders within 60 seconds. The platform helps a variety of borrower types including first-time buyer, home mover, remortgage, buy to let and help to buy.
The company released the full version of its platform earlier in the year.
Through this equity injection, the company hopes to further the development of its robo-advice and AI services.
MortgageGym co-founder John Ingram said, “We have carefully chosen investors that not only bring funds, but invaluable, symbiotic business models and expertise. As a result, we do not need to invest in costly customer acquisition or building a broker-base.
“This places us in a much stronger position than our peers as it allows us to invest the new capital in improving our technology – thereby improving customers’ choices.”
Last year, the company received a £2.5m investment seed funding which was made up of contributions from Gaby Salem, China Pacific Capital, Trifecta Capital and former Deutsche Bank AG COO Henry Ritchotte, whom invested £500,000.
Copyright © 2018 FinTech Global
