MortgageGym has closed a £3.8m funding round from investors including LSL Property Services.
The robo advisor also raised from the GoCompare Group, which increased its shareholding as part of the round.
John Ingram, co-founder of MortgageGym, said:“Our funding round, strategic partnerships and continuing unique proposition put us in a strong position to truly revolutionise the UK mortgage market. Other digital mortgage platforms are constrained by their aim to organically grow their customer-base and build broker support at the same time, while our compelling fusion of ‘bricks and clicks’ will allow us to rapidly alleviate homebuyers of the uncertainty and stress of mortgage applications on a national scale.
“We have carefully chosen investors that not only bring funds, but invaluable, symbiotic business models and expertise. As a result, we do not need to invest in costly customer acquisition or building a broker-base. This places us in a much stronger position than our peers as it allows us to invest the new capital in improving our technology – thereby improving customers’ choices. We are thrilled that the business will benefit from the new investment and we are delighted that Jeremy has been promoted to the company’s Managing Director during this exciting time. The UK mortgage market is poised for digital revolution, and we are here to drive it.”
MortgageGym, which sits in the verticals of both FinTech and PropTech, is also backed by Gaby Salem, of private family office Wharton Asset Management; China Pacific Capital, a Hong Kong-based venture capital fund; and early-stage technology fund Trifecta Capital.