We’ve been talking about Prop-tech all week – and with good reason; joining the likes of habito, settled, homeshift and Property Partner in the “post-seed-funded” club, we learn, is Trussle, the online mortgage provider with more than £1bn of mortgages under management.
The lead backers of the £4.5m “venture” round are Orange Growth Capital (OGC). Trussle uses proprietary automation and enlists the help of a mortgage monitoring service to aggregate, compare and recommend mortgage products from more than 90 lenders.
Trussle say they are already reaching over 90% of UK Homeowners, managing more than £1 billion’s worth of UK mortgages; “all together it’s validation that we’ve uncovered a real consumer problem, and the technological innovation we’re starting to see from new entrants, as well as traditional brokers, suggests our innovative approach is having a real snowball effect”, says Trussle’s CEO and founder Ishaan Malhi.
Besides OGC, existing investors LocalGlobe, Zoopla (presumably the VC arm) and Seedcamp are re-investing, alongside Angel backers including Betfair co-founder Ed Wray, and Ian Hogarth, of Songkick.
Last year Trussle entered into a partnership with Zoopla to become a preferred online partner – so that Zoopla users can seamlessly finance their homes, once they have found them. According to Trussle, the arrangement bags them more than £5m worth of mortgage enquiries – every day!
Partnerships with comparison site uSwitch, online estate agent HouseSimple and credit bureau Noodle are also in place.
According to founder Malhi, paper based mortgages are “time-consuming, inconvenient”, and an “antiquated process”. He believes “There are more than three million people losing an average of £3,500 per year across the UK, due to being on the wrong mortgage. We’ll be helping put this issue firmly on the public agenda in 2017.”
It sounds true, and, dear HHH’ers, it proves another thing, too.
The internet is, has and always will be best for comparison, aggregation, crunching big data, and buying stuff. Because it is quite simply a ginormous algorithm that smashes admin.
If you want to read the news (apart from on here, of course!), buy a newspaper, if you want to find something real quick and buy it, go online!