An online mortgage broker has announced that it has received backing from fintech investors all over Europe to the tune of £4.5 million.
Trussle, which launched in 2015, says it now manages £1 billion worth of mortgages on behalf of UK homeowners.
The website uses ‘proprietary automation’ and a mortgage monitoring service to compare and track thousands of mortgage products from more than 90 lenders.
Ishaan Malhi, chief executive and founder of Trussle, comments: “Since launching Trussle we’ve been overwhelmed by the scale of the movement we started. We have signed several high-profile partnerships that allow us to reach over 90% of the home-owning population, and now manage £1billion worth of mortgages on behalf of UK homeowners.”
“All together it’s validation that we’ve uncovered a real consumer problem, and the technological innovation we’re starting to see from new entrants, as well as traditional brokers, suggests our innovative approach is having a real snowball effect,” he says.
“With the help of this further funding round, we’ll be able to help thousands more dust off their mortgage statements, get online, and discover what they could be saving.”
In September, Trussle launched a partnership with property portal Zoopla to allow buyers who start their property search online to find and finance their home in one ‘seamless’ journey.
According to Trussle, the partnership is driving an average of £5 million worth of mortgage enquiries via the Zoopla website each day.
There are further partnerships with comparison site uSwitch, online estate agent HouseSimple, and credit bureau Noddle.
The latest funding round has been led by Orange Growth Capital, a European and Asian fintech Venture Capitalist.
Other investors include LocalGlobe, Zoopla, and Seedcamp, who together supported a £1.1million seed round in February 2016, alongside angel investors Ed Wray, co-founder of Betfair, and Ian Hogarth, co-founder of Songkick.
Trussle says the £4.5million investment will be used to further develop the product and continue growing the brand of the industry-first service.
Last week, another digital mortgage broker, habito, announced it has raised £5.5 million in investment funding.