UK Fintech start-up Mojo Mortgages has secured £7million in Series A funding as it seeks to transform the experience of getting a mortgage.

The fast-growing online mortgage broker, which raised £800,000 in an earlier seed funding round, will use the investment from NVM Private Equity and Maven Capital Partners alongside other investors to continue its rapid growth and innovation.

Launched a year ago by industry entrepreneurs Richard Hayes and Nick Sherratt, Mojo has helped nearly 50,000 people and saved customers £4million in broker fees with its online mortgage journey, which dramatically reduces the time it takes a get a decision.

The additional funding will enable the team to further accelerate growth by continuing to evolve its unique and intuitive mortgage experience.

The Series A funding is one the biggest raises reported outside of London in the last 12 months.

Mojo co-founder Richard Hayes said: “We are on an absolute mission to deliver the UK’s best mortgage experience and make mortgages easy.

“The UK mortgage market is the largest in Europe, but investment into the sector has been disproportionate in comparison to other financial verticals.

“This has resulted in poor customer experience and a significant lack of innovation. Mojo intends to put that right.”

Mojo’s algorithm-powered mortgage recommendations give customers more certainty around eligibility and ensures they get the cheapest deal now and in the future.

Co-founder Nick Sherratt said: “Mojo is leading the evolution of the mortgage market. We’re delighted that Maven and NVM have joined our existing investors in backing our ambitious strategy for growth.

“Through innovation and continuing to build and develop our amazing team, we will achieve our vision of a better mortgage experience for everyone.”

Charlotte Clarke from NVM said: “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.”

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.”

The start-up is a finalist in three categories at the 2019 British Bank Awards. Mojo stands to win the Best Mortgage Broker, Innovation of the Year and Best Newcomer titles. Winners will be announced in March.