M:QUBE, the new fintech mortgage lender using data and technology to deliver mortgages in minutes has secured £5m in seed funding to support its mission of transforming the UK mortgage market.
M:QUBE is now backed by some of Europe’s leading VC’s including AV8 ventures as the lead investor, and participation from IQ Capital and JamJar Investments.
In addition to the £5m in operating capital recently secured, M:QUBE will partner with a select number of high profile financial institutions, who will supply the debt capital used to issue mortgages.
The business will work exclusively through mortgage brokers, using it’s partnerships with lenders, investment banks and asset managers to offer a broad range of highly competitive products.
M:QUBE has digitised and automated the entire process of applying for a mortgage, using data, deep learning and sophisticated technology. Documents supplied by a mortgage broker via the platform can be used to instantly retrieve thousands of data points relevant to an application. The technology also allows brokers to verify the accuracy of customer data before applications are submitted.
Founded in 2017 by seasoned financial services executives Stuart Cheetham and Richard Fitch, M:QUBE mortgages will be available exclusively through mortgage brokers, enhancing its distribution capability whilst ensuring customer outcomes are best served during what is typically their largest and most emotive financial decision.
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Stuart Cheetham, M:QUBE co-founder and CEO said “The UK mortgage market is one of the very few sectors in which consumers are yet to seriously benefit from advances in technology.
“M:QUBE has the power to transform this largely un-innovated market for the benefit of all key stakeholders and improve returns for banks, building societies and institutional investors in the process. Our mission is to help more people get the mortgage that best meets their needs, whether they intend to buy a home or are landlords investing in their family’s future.”
Miles Kirby, Managing Director, AV8 Ventures added: “We are delighted to be supporting M:QUBE. The technology that M:QUBE has built is truly unique and will transform the mortgage market and the way mortgages are done, pushing the industry into the 21st century. We look forward to continuing to support M:QUBE as they launch into the mortgage lending marketplace.”
Max Bautin, Managing Partner, IQ Capital said: “The mortgage industry is one of the few industries that has remained largely untouched by innovation and none of the recent entrants to the market in the UK have introduced disruptive products or successfully scaled to a noticeable size. M:QUBE is applying very specific deep technologies to a commercial problem, and is successfully bringing both together.
“We believe it has the potential for global scale.”