Maven backs UK Fintech platform Mojo Mortgages
Maven has co-led a £3.25 million equity investment in UK Fintech business Mojo Mortgages, which aims to create a better mortgage experience by providing a whole of market comparison of mortgage providers.
The mortgage market is well established with 1.6 million mortgages sold in 2017, generating £1.15 billion of fees. However, an estimated 40% of the 12,000 mortgage brokers in operation in the UK do not have a website, and those that do exist only to serve as a lead generation page. The Mojo team identified a gap in the market for the more digitally fluent demographic, a key target customer for Mojo, who are increasingly managing many aspects of their finances online.
Mojo is an FCA regulated online digital mortgage broker which has developed a sophisticated technology platform that allows customers to undertake a full market comparison of mortgage providers and their products and to complete the entire process seamlessly from initial application to completion.
Mojo’s proposition has applied big data and application programming interfaces (APIs) to create an algorithm-powered technology platform that can accurately and efficiently source mortgage products for its clients. Mojo provides a whole market solution, comparing mortgages from more than 90 lenders. Its technology also offers free advice all within 15 minutes, before handling the entire application process, enabling customers to make an informed decision, whilst reducing the complexity and time it takes to get a decision.
The investment will support Mojo’s ambitious growth plans and help the company further evolve its unique and intuitive platform to enable a more empowering experience for consumers looking for a new mortgage or associated insurance products such as income protection.
“Mojo has created a fantastic platform which allows customers to compare and apply for mortgages online, with advice from experienced mortgage brokers. The Mojo team led by Nick and Richard is on a mission to change the way we buy mortgages in the UK, and they are driven by improving the mortgage experience for customers. Their energy and ambition is reflected in the strong team they have built around them, and we are genuinely excited to work with them and support them in their next stage of their growth.”
Jeremy Thompson, Investment Manager at Maven
“It was clear from the outset that Maven would be a great fit for Mojo. We felt they bought into our mission and plans for growth. Their presence in Manchester and the people we met also made for a great cultural fit. Nick and I are really excited about working together to achieve our vision of a better mortgage experience for everyone.”
Richard Hayes, CEO and Co-Founder at Mojo Mortgages