UK startup Molo Finance raises £3.7m to digitise mortgages
FinTech startup Molo Finance has closed a £3.7m Seed round led by Nordic investment company Ubon Partner. The London-based firm will use the funding to help launch its first product in the summer of 2018.
Molo Finance aims to be “the first digital mortgage platform in the UK”. Molo is going to begin by offering ‘Buy-To-Let’ mortgages, which are intended for people looking to buy and then rent property. In the meantime, the company is going through the regulatory approval process with the FCA so it can begin to offer residential mortgages to its offering.
The end goal is to create an end-to-end mortgage process that is fully digital, as well simple yet secure, frictionless and cost-effective. It aims to offer application approvals within minutes.
Molo was founded in the summer of 2017 by Francesca Carlesi. Previous to establishing Molo Finance, Carlesi worked in banking for around 15 years, starting at McKinsey and subsequently moved to banking, at Barclays and Deutsche Bank in London, where she held several senior positions.
Carlesi, who also acts as the company’s CEO, said: “UK customers presently wait between 18-40 days for their mortgage application to be processed. Molo wants to take the complexity out of this process and give customers back the most valuable thing of all – their time!”
“We believe that people deserve a modern mortgage solution, and Molo intends to transform the outdated mortgage industry for millions of investors, homeowners, and new buyers across the country by launching the UK’s first digital mortgage platform,” she concluded.
Ubon Partners is a private investment company focused on technology companies, both in the early and growth stages. They work with startups who ‘combine transformational ideas with operational excellence’ and ‘teams who disrupt big, incumbent-driven industries’.