Online mortgage lender Trussle have received a £4.5 million backing from some of Europe’s top fintech investors, including Orange Growth Capital, Zoopla and SeedCamp.
Trussle have taken the mortgage market by storm, challenging the long and difficult process provided by traditional lenders. By using proprietary automation and a mortgage monitoring service to compare and track thousands of mortgage products from more than 90 lenders, Trussle harnesses technology to secure the most suitable mortgage deal for borrowers in a fraction of the time of traditional brokers.
In September, Trussle launched an industry-first partnership with online property portal Zoopla. The company also has further partnerships with comparison site uSwitch, online estate agent HouseSimple, and credit bureau Noddle.
Ishaan Malhi, CEO and Founder of Trussle said: “Since launching Trussle back in 2015, we’ve been overwhelmed by the scale of the movement we started.
“There are more than three million people losing an average of £3,500 per year across the UK, due to being on the wrong mortgage. We’ll be helping put this issue firmly on the public agenda in 2017.”
“So far we’ve helped thousands of homeowners reduce their mortgage payments by switching to the right deal. With the help of this further funding round, we’ll be able to help thousands more dust off their mortgage statements, get online, and discover what they could be saving.”
The £4.5 million funding round comes after it successfully raised £1.1 million in February of last year. Investors from the last round have entered into the most recent one, including Zoopla and LocalGlobe.
Robin Klein, Partner and Founder of LocalGlobe said: “We’re big believers in the benefits that well-conceived proptech services bring to consumers, and we’ve been extremely encouraged by the response to Trussle in the marketplace. Ishaan has emerged as a thought leader for the industry as a whole, and as the consumer champion in the mortgage space.”