Most mortgage lenders would prefer people not to repay their mortgages early. After all, so do their money. Indeed, excessive payment is positively discouraged and sometimes even punished. What if there was a solution that solved the technology behind it, along with the funding arrangements?
This is the idea behind the Push app Fintech. It is a “excessive payment mortgage” platform aimed at the UK market that helps users to return their mortgage floors faster using automation and cash rewards. He claims to store users on average £ 10,000 each during the mortgage.
Sprive, which started in October 2021, now closed a £ 5.5m funding round ($ 7.3 million) WithdrawalA VC that style as an impact investor. Ascension has also supported the start of Tembo mortgages, as well as Fintech Wagestream, Superfi, Debtstream, Goodstack and Credit Kudos (out of Apple).
Sprive said the app is working by letting homeowners pay off their fastest mortgages through their daily markets, automatically placing backup cash on the overpayments and constantly scanning the market to help customers find better mortgages.
Users can pay for their mortgage from a bank account linked to the shopping sprive app, as would normally be with the UK mainstream supermarket. They then use cash offers, discount coupons and more to pay a mortgage faster. It does this by allowing the user to save money on the mortgage interest and to shave potentially years of mortgages.
“Lenders are trying to innovate in the mortgage industry, but they are based on mortgage consultants for remortgages,” Managing Director Jinesh Vohra told TechCrunch. “To attract a customer to redefine, to rely on mortgages who are unacceptable and fragmented.
He said Sprive gives lenders a more effective digital media to be able to get new customers. “Every time some shops or converts mortgage loans, we make money. Within 15 minutes from shopping, you take money to your mortgage and scan the market daily for better mortgages.
He also participated in this round was the Channel 4 Ventures (the consumer of the Consumer Consumer of the Radio Station Channel 4), the Capital Velocity and two Magnolias.
