'World first' online mortgage firm secures £2m funding
The world's ‘first regulated mortgage robo-adviser’, has completed a seed funding round of £2m ahead of an official launch this summer
MortgageGym plans to change the way UK consumers access the mortgage market, allowing homebuyers to complete applications online in 15 minutes through a free, hybrid advice website.
The FCA-authorised service, offers mortgage eligibility matching within 60 seconds, regulated robo-advice and access to live advisors.
MortgageGym CEO John Ingram said: “We are thrilled to have secured such a significant vote of confidence in MortgageGym’s proposition from well-respected investors.
“MortgageGym is committed to revolutionising the mortgage market through a whole-of-market, digital, free and accurate application process, which is the first of its kind.
“We will provide mortgage applicants with peace of mind by advising them on mortgages they can realistically attain based on the strict affordability grounds laid out in the FCA’s Mortgage Market Review.”
MortgageGym has raised over £1.3m in cash and the balance in technology development finance through deals with three seasoned fintech investors; Gaby Salem, China Pacific Capital, and Trifecta Capital.
Following the success of this seed funding round, MortgageGym expects to announce its strategic distribution partnerships within the next three months.
The business was formed in 2016 by entrepreneurs John Ingram and David Vertannes. It was authorised by the FCA in February 2017 and is due to launch to the public in the summer of 2017.