MortgageGym, a London, UK-based FCA-regulated mortgage robo-adviser, closed a £3.8m funding round.
Backers included LSL Property Services and GoCompare Group.
Following the investment, MortgageGym is valued at £12m.
The company intends to use the funds for ongoing investment in development of mortgage robo-advice and artificial intelligence services.
Formed in 2016 by entrepreneurs John Ingram and David Vertannes, MortgageGym is an FCA-regulated mortgage robo-adviser, allowing UK homebuyers to complete their entire application online in 15 minutes through a free, online portal combining robo- and live-broker advice.
It is also a digital mortgage network, which allowa brokers to acquire customers independently, operate a paperless business and remain MMR-compliant through a professional portal called MortgageGym Pro.
The company also promoted Jeremy Moll to Managing Director from Chief Commercial Officer.
MortgageGym has bank scorecards with Barclays, Coventry Building Society, Accord Mortgages, Platform Mortgages (The Co-Operative Bank), Leeds Building Society, The Family Building Society, Aldermore, The West Bromwich, Clydesdale Bank and Skipton Building Society and is on-boarding 5 further top tier lenders.
The round follows a seed funding round of £2.5m, which was completed in 2017, and almost a year of integration with GoCompare’s services. In addition, the company has entered into a strategic partnership agreement with LSL mortgage broker networks – which, at the end of 2017, had some 2,298 mortgage advisers and arranged £21bn in lending in 2017.