Fintech in the UK Prike Control closes $ 7.3 million round to facilitate mortgage overpayments

Most mortgage borrowers better would not pay their mortgages early. After all, this is how they earn their money. Indeed, excessive payment is positively discouraged and sometimes even penalized. What if there was a solution that resolved the technology behind it, alongside financing agreements?

This is the idea after douche Fintech app. This is a “Mortgage Overpayment” platform aimed at the UK market that helps users pay their mortgages faster using automation and cash rewards. He claims to save users on average 10,000 Each each throughout the mortgage life.

Sprive, which began in October 2021, now closed a round of £ 5.5m ($ 7.3 million) led by climbingA QV that styles itself as an influential investor. Ascension has also supported the beginning of the Tembo Mortgage, as well as Fintech Wagestream companies, Superfi, Debtstream, Goodstack and Kudos Credit (which came out on Apple).

Sprike said the app operates by letting homeowners pay their mortgage faster through their daily purchases, automatically setting up the first money towards payments and constantly scanning the market to help customers find better mortgage agreements.

Users can pay to their mortgage from a bank account linked to the SPRRIVE app by shopping as they would normally do with the main supermarket in the UK. They then use cash return offers, discount coupons and more in order to pay a mortgage faster. This does this by allowing the user to save money for the mortgage interest and to shave years potentially away from the mortgage deadline.

“Lenders are seeking to renew in the mortgage industry, but they rely on mortgage advisers for remortgages,” Ceo Jinesh Vohra told Techcrunch. “To attract a client to re-hypothesized they rely on mortgage advisers who are non-diagital and fragmented. So it is very expensive to renew. But we have access to their expense information, their mortgage information, their credit information and their property information.”

He said the sprays give the lender a more efficient digital tool to be able to gain new clients. “Whenever someone buys or changes mortgages, we make money. Within 15 minutes of purchase, you get money towards your mortgage, and we scan the market daily for better mortgage agreements. Whenever a customer refinanits, we receive commission from the mortgage lender.”

Also the participation in this round was Channel4ventures (UK Consumer Investment Wing in Channel4), Capital Velocity and two magnolias.