Moneysupermarket has revealed it will set up a new mortgage FinTech joint venture alongside two entrepreneurs.

The listed Cheshire-based group said Podium has been established to digitise the mortgage market and forms part of the company's "Reinvent strategy" to move into new comparison markets.

The new joint venture has been launched with Matt Denman and Mark Hawkins, the founders of HD Decisions, a search engine for credit cards and loans.

The portal will allow people to compare and apply for mortgages online.

Andy Hancock, managing director of money at Moneysupermarket Group, said the mortgage market is "ripe for disruption".

"The biggest financial expense faced by most of us is the mortgage," he said. "We already have a market leading position helping millions of customers with their mortgages by equipping them to do their initial research of the mortgage market.

→ READ MORE: MONEYSUPERMARKET SWOOPS FOR DECISION TECH IN £40M DEAL

CEO Mark Lewis added: "We all know finding a better mortgage is complicated.

"We said we would do something about this and today we announce Podium, a new mortgage FinTech, to build a comparison tool to bring customers the digitisation of mortgages - an easier and better way to arrange the mortgage that suits them."

Moneysupermarket Group has also published its half-year financial results for the six months to 30 June 2018, revealing a 5 per cent increase in revenue to £173.7 million.

Operating profits also grew by 7 per cent to £52 million.

Lewis said: "Our trading is on track and our Reinvent strategy to help people save more money across more household bills, is moving ahead. In particular, our expanding product engineering hub is making it easier for customers to switch."

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