London-based fintech Mast Technologies has raised £1.2m for its digital platform to support lenders and borrowers in the mortgage space.
Founded in 2020, Mast has built a cloud-native platform to simplify the process of mortgage origination.
Traditionally, borrowers have to wait periods as long as 60 days for mortgage application results. Mast claims to solve the problems of the traditional mortgage system by streamlining the process in which lenders can review applications.
With the new funds, Mast will continue the development of its workflow tools and automation processes.
“Since launching with our first client, we have significantly helped improve conversion rates and time to offer timelines,” said Mast co-founder and CEO Joy Abisaab.
“We are building the platform with direct and close feedback from lenders and brokers. This funding will enable us to accelerate the product roadmap and engineering velocity considerably.
The new funding round was led by early-stage venture capital investor Antler VC, along with participation from a series of notable angel investors.
“Over the last 15 years, we’ve seen dramatic innovation across the financial landscape, but mortgage lending technology has lagged behind the improvements made to consumer services. Now is the time to bring lending technology up to speed.”
“We were impressed early on by the drive of Mast’s co-founders, who instantly stood out,” said Antler partner Jed Rose.
The latest funding round for Mast also featured participation from prominent industry figures, including founders of Booking.com, Monzo, and ThirdFort, as well as senior executives from Pivotal, VMWare, Jones Lang Lasalle, Airwallex and more.
“After backing the team with their first investment, we are thrilled to lead this next round as well. The broader participation of other great investors is further validation that there is significant support around applying deep industry experience and new technologies to solve this decades-old problem in lending.”