UK-based online mortgage broker Trussle has secured £13.6m in a Series B round led by Goldman Sachs’ investment arm, Goldman Sachs Principal Strategic Investments, and San Francisco-based Propel Venture Partners.
FinTech company Trussle was launched in 2016. It uses technology to offer consumers a ‘fairer, faster and more transparent mortgage experience’.
CEO and founder of Trussle Ishaan Malhi commented on the news: “Every year millions of existing and aspiring homeowners are failed by the industry’s shortcomings and we exist to fix that.
“The backing from two prolific and globally renowned FinTech investors recognises the brilliant progress we’ve made, but also the scale of our ambition. The funding will enable us to invest significantly in building our brand and our product but fundamentally, will accelerate us towards our vision of digitising the end-to-end journey to make home ownership more affordable and accessible to all,” he added.
Philip Aldis, managing director at Goldman Sachs, continued: “Trussle is at the forefront of revolutionising the UK mortgage market, making it more efficient and convenient for consumers to find the right mortgage. We look forward to supporting the company’s ambitious growth plans.”
Goldman Sachs invests between $2m and $30m in fast growing tech companies. It focuses on companies within the market infrastructure, FinTech and enterprise technology sectors.
Trussle has grown rapidly since its last funding round in February 2017; it has gone from employing 14 to 70 people. The company launched its mortgage monitoring service last year, which constantly monitors the market and alerts a customer when money could be saved by switching to another deal. The company is also calling on the government to introduce a Mortgage Switch Guarantee, which proposes new industry measures to offer more protection to customers when it comes to switching.
In September 2016 Trussle also partnered with online property portal Zoopla, so that people could find and buy a home in one place. This has been followed by other partnerships including with market leaders uSwitch and Noddle.
Trussle won ‘PropTech startup of the Year‘ in UKTN’s Elevator Pitch competition.