UK fintech Sprive closes $7.3M round to facilitate mortgage overpayments
Summary
What if there was a solution that solved the technology behind it, alongside the financing arrangements?Thats the idea behind the Sprive fintech app. It claims to save users an average of \xa310,000 each over the lifetime of the mortgage.Sprive, which launched in October 2021, now closed a \xa35.5 million ($7.3 million) funding round led by Ascension, a VC that styles itself as an impact investor. Ascension has also backed mortgage startup Tembo, as well as fintech companies Wagestream, SuperFi, DebtStream, Goodstack, and Credit Kudos (which exited to Apple).Sprive said the app works by letting homeowners pay off their mortgage faster through their everyday shopping, by automatically putting spare cash toward overpayments and continuously scanning the market to help customers find better mortgage deals.Users can pay toward their mortgage from a bank account linked to the Sprive app by shopping as they would normally with mainstream U.K. supermarkets. They then use cash-back offers, discount vouchers, and more in order to pay off a mortgage faster. To entice a customer to re-mortgage, they rely on mortgage advisers who are nondigital and fragmented.