UK Fintech Sprive Raises £5.5m in Funding to Help Millions Repay Their Mortgage Faster, Saving a Fortune in Interest
Summary
Sprive, the UKs only independent mortgage overpayment app, has successfully closed a \xa35.5 million funding round led by Ascension, with participation from Channel4Ventures, the broadcasters consumer investment arm, Velocity Capital, and Two Magnolias. The increasing trend to sell 30, 35 or even 40-year mortgages has placed a further ticking timebomb under peoples retirement prospects.Launched 3 years ago, Sprive has quietly gained recognition in the financial sector as a unique offer to a growing problem. It was chosen recently by NatWest as one of just five fintechs to join its inaugural fintech growth programme, adding further validation to the companys innovative approach to consumer mortgage management and increasing its growing influence in the industry.Jinesh Vohra, CEO of Sprive said, Sprive is set to have a huge positive impact on our customers finances, as our average user is already on track to slash three years off their mortgage term, collectively saving our users more than \xa3100 million in interest alone. By leveraging TV and streaming advertising, Sprive aims to drive mass awareness and shorten its path to profitability.Vinay Solanki, head of Channel 4 Ventures said, Our Untapped strategy is about finding solutions to mainstream consumer problems, the great problems that exist in society and in our view theres no reason why every single residential mortgage holder in the UK should not be using Sprive.Rajeev Saxena, CEO of Velocity Capital said, Velocity is passionate about investing in companies that genuinely fulfil a consumer need. Unlike these firms, Sprive has taken a unique path, focusing on direct consumer engagement, low acquisition costs, and strong strategic partnerships.