UK fintech Sprive closes $7.3M round to facilitate mortgage overpayments

Most mortgage lenders would rather people would not pay off their mortgages early. After all, that’s how they make their money. Indeed, overpayment is positively discouraged and sometimes even punished. What if there is a solution that has solved technology behind it, with financing arrangements?

It’s the idea behind Stingy Fintech app. This is a “mortgage overpass” platform intended for the UK market that helps users faster repayment of mortgage using automation and refund awards. It is claimed that users savings on average £ 10,000 each during the life of a mortgage.

Spriva, launched in October 2021, has now closed a circle of £ 5.5 million ($ 7.3 million) ExaltingVC that is styled as the influence of investors. The ascent also supported the mortgage Tembo mortgage, as well as the Wagestream, Superfi, Debstream, GoodStack and Credit Kudos (who went out to Apple).

The Sprive said that the application functions by allowing homeowners to pay the mortgage faster through daily shopping, automatic putting spare money according to overpayment and continuous market scan to help customers find better mortgage offers.

Customers can pay a mortgage from a bank account connected to a SPRIVA purchase application as it would usually be with mainstream in the UK supermarkets. They then use offers for refund, discount vouchers and more to repay the mortgage faster. This makes it possible for the user to save money on the mortgage on the mortgage and wipe the potentially for years from the mortgage deadline.

“Borrings want to innovate in the mortgage industry, but they rely on mortgage counselors for remortgages,” said Jinesh Vohra CEO for Techcrunch. “To seduce the buyer to restart, they rely on mortgage counselors who are non-digital and fragmented. So it is very expensive to innovate. But we have access to their consumption information, their mortgage information, their credit information and their property information.”

He said that the boards of lenders give more effective digital funds to acquire new customers. “Every time someone buys or switching mortgages, we make money. Within 15 minutes of purchase, you get money for your mortgage, and we scan the market for better mortgage offers daily. Every time the customer refinans, we get a commission from a hypothecarial lender.”

Channel4ventures also participated in this circle (consumer investment hand of British Emiterus Channel4), Velocity Capital and two magnolia.