Uswitch owners agree deal to acquire Cheshire fintech Mojo Mortgages
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Cheshire-based fintech Mojo Mortgages is set to be acquired by Uswitch and Confused.com owners, RVU.
Macclesfield-headquartered Mojo is a free online mortgage broker, delivering personalised mortgage recommendations through a hybrid of smart tech and as well as employed mortgage experts.
The growing company of over 60 staff has won numerous industry awards for innovations such as Mortgagescore, an app designed to help first-time buyers get ‘mortgage ready’.
RVU operates digital brands Uswitch, Confused.com and Money.co.uk, all of which offer consumers the ability to compare and switch across a range of utilities and financial services products including mortgages.
The agreement to acquire Mojo will enable RVU to go deeper into mortgage intermediation and provide the full journey for consumers from the moment they seek information and advice, to applying and securing a mortgage.
Tariq Syed, CEO of RVU, said: “Millions of mortgage seekers are coming to us through trusted sites like Money.co.uk, Uswitch and Confused.com. Owning every part of the process means we can improve their experience from start to finish. This is a unique fusion of capabilities, combining our growing audiences with the most advanced digital broker in the UK.
“Digitalisation has been sluggish in the mortgage sector but together with Mojo we will have the teams and the tools to supercharge the process and give consumers the experience they deserve.”
Richard Hayes, co-founder and CEO of Mojo Mortgages, added: “We’re delighted at the prospect of joining the RVU team and are looking forward to working with some exceptional people and amazing household brands.
“Three years ago, we started Mojo with a clear vision to make everyone feel more confident about finding a great mortgage deal. This significant next step in our journey makes that vision a reality on a scale we could have only dreamt of back then. We’ll look to revitalise the UK mortgage ecosystem while creating remarkable digital experiences for both our colleagues and our customers.
“Alongside RVU, we’ll be at the forefront of positive change for the UK mortgage market. We can’t wait to get going.”
The transaction is subject to regulatory approvals and customary closing conditions.