MortgageGym, a London, UK-based regulated mortgage robo-adviser, completed a £2m seed funding round.
The investment includes over £1.3m in cash and the balance in technology development finance through deals with three seasoned fintech investors.
Backers included Gaby Salem, of Wharton Asset Management, a London-based private family office with a diversified private equity and venture capital portfolio with investments in infrastructure, energy, technology, consumer goods and biotechnology, China Pacific Capital, a Hong Kong based venture capital fund, and Trifecta Capital, a venture capital firm specializing in providing structured finance to develop emerging technology and business process outsourcing.
The company will use the funds to finalize development ahead of its official launch this summer.
Formed in 2016 by entrepreneurs John Ingram and David Vertannes, MortgageGym is an FCA-authorized service which will allow homebuyers to complete their mortgage application online in 15 minutes through a free, hybrid advice website offering mortgage eligibility matching within 60 seconds, regulated robo-advice and access to live advisors.
MortgageGym is being brought to market in official partnership with Experian, the global information services group, and is integrated with users’ credit files and the credit risk scorecards of 12 of the top 20 mortgage lenders in the UK, which it uses to provide live eligibility matching and mortgage affordability advice. It is also a digital mortgage network, which enables brokers to acquire customers independently and remain MMR-compliant through a professional portal called MortgageGym Pro.
The company expects to announce its strategic distribution partnerships within the next three months.