FinTech startup MortgageGym has topped up its £2m Seed with an additional £500,000 investment from the former COO at Deutsche Bank.
Founded in 2016, MortgageGym previously drew support from China Pacific Capital, Gaby Salem and Trifecta Capital.
As a result of his personal investment, Henry Ritchotte will be joining the firm as an advisor.
Ritchotte spoke about his involvement with the company: “I am very excited to be joining MortgageGym ahead of its official launch this summer when it will, no doubt, revolutionise the mortgage market with the introduction of the first, digital mortgage marketplace for UK consumers.
“I am keen to support ambitious young firms focused on transforming the delivery of financial products in a disruptive regulatory and technology environment. MortgageGym has been carefully designed in consultation with regulators, consumers, lenders and intermediaries to ensure that it provides mortgage applicants with peace of mind by advising them on mortgages that they can realistically afford.
“Not only will it make the application process easier for users, but it will also help those who couldn’t get a deal previously to secure a mortgage perfectly suited to their income level.”
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John Ingram, founder and CEO of MortgageGym, said he was delighted to welcome Ritchotte on board.
“MortgageGym is intent on revolutionising the mortgage market through a completely digital, whole-of-market, free and accurate application process, which is a first of its kind. Henry’s investment into the business confirms his confidence in MortgageGym’s ability to achieve this goal.”
The news comes after fellow FinTech firm and online mortgage advisor Habito, closed a £5.5m Series A led by Silicon Valley-based VC Ribbit Capital.