Newly launched mortgage-focused FinTech raises £5m
FinTech mortgage lender M:QUBE has secured £5m in seed funding shortly before its planned launch early next year.
The lender claims to have digitised and automated the entire mortage application process.
It uses brokers to verify the accuracy of customer data before applications are submitted, speeding up the process.
It intends to launch into the buy-to-let sector, working exclusively with mortgage brokers, before securing FCA authorisation to offer deals for owner occupiers.
The firm is backed by European VC’s AV8 ventures, its lead investor, with participation from JamJar Investments and IQ Capital.
The firm was founded in 2017 by CEO Stuart Cheetham and Richard Fitch.
Cheetham said the co-founder’s mission is to help more people get the mortgage that best meets their needs for both home buyers and landlords.
“The UK mortgage market is one of the very few sectors in which consumers are yet to seriously benefit from advances in technology,” said Cheetham.
“The current solutions are antiquated and simply do not offer the flexibility that consumers have become accustomed to in almost every other business sector.”
“We have built a technology platform that will lead to better outcomes across the eco-system, in particular for borrowers and mortgage intermediaries.
“M:QUBE has the power to transform this largely un-innovated market for the benefit of all key stakeholders and improve returns for banks, building societies and institutional investors in the process.”