Fintech start-up clinches initial £3.25m investment
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A £3.25m equity investment has been concluded for a new Macclesfield-based fintech start-up.
Maven Capital Partners and NVM Private Equity have completed the investmet in Mojo Mortgages, which aims to create a better mortgage experience by providing a full market comparison of mortgage providers and managing the process via a sophisticated technology platform from mortgage application to completion.
The investment, which has been equally funded by Maven and NVM, is part of a wider £7m funding round.
It will support Mojo’s ambitious growth plans and help the company further evolve its intuitive platform to enable a more empowering experience for consumers looking for a new mortgage or associated insurance products, such as income protection.
The mortgage market is well established with 1.6 million mortgages sold in 2017, generating £1.15bn of fees.
However, an estimated 40% of the 12,000 mortgage brokers in operation in the UK do not have a website, and those that do, exist only to service as a lead generation page.
Mojo Mortgages identified a gap in the market for the more digitally fluent demographic, a key target customer for Mojo, who are increasingly managing many aspects of their finances online.
The firm is an FCA-regulated online digital mortgage broker which has developed a sophisticated technology platform which allows customers to undertake a full market comparison of mortgage providers and their products and to complete the entire process seamlessly from initial application to completion.
Mojo’s market disruptive proposition has applied big data and application programming interfaces to create an algorithm-powered technology platform that can accurately, and efficiently, source mortgage products for its clients.
Jeremy Thompson, investment manager at Maven, said: “Mojo has created a fantastic platform which allows customers to compare and apply for mortgages online, with advice from experienced mortgage brokers.
“The Mojo team, led by Nick and Richard, is on a mission to change the way we buy mortgages in the UK, and they are driven by improving the mortgage experience for customers.
“Their energy and ambition is reflected in the strong team they have built around them, and we are genuinely excited to work with them and support them in their next stage of their growth.”
Charlotte Clarke, investment associate at NVM, added: “NVM is incredibly excited to be backing Nick and Rich during the next phase of Mojo’s growth.
“We are particularly excited by the substantial market opportunity and management’s enthusiasm to create a better mortgage journey for consumers. NVM looks forward to supporting the team as they drive the business forward.”
Richard Hayes, chief executive and co-founder at Mojo Mortgages, said: “It was clear from the outset that both Maven and NVM would be a great fit for Mojo.
“We felt they bought into our mission and plans for growth. Their presence in Manchester and the people we met also made for a great cultural fit.
“Nick and I are really excited about working together to achieve our vision of a better mortgage experience for everyone.”