Published: Oct 19, 2020
Focus: Growth Capital
A Maven portfolio company has won the highly acclaimed ‘Open Up 2020 Challenge’ for innovative solutions that help people across the UK make more of their money. Mojo Mortgages, a free online-only mortgage broker, which Maven backed in 2019, was one of only four businesses to be crowned.
Open Banking is leading the way to new products and services being developed that could help customers and small to medium-sized businesses get a better deal and a more detailed understanding of their accounts. The announcement came as new research from Open Up 2020 found over half (55%) of people are currently trying to prepare their finances for a winter lockdown. Three in ten (28%) are struggling to keep on top of their money each month and four in ten (38%) look for personalised guidance and support to help them manage their money better.
“It’s absolutely amazing to be named as one of the Open Up 2020 Challenge winners”, says Richard Hayes, CEO of Mojo Mortgages. “Being a part of Nesta Challenges’ competition has given us a great chance to explore open banking and all the opportunities that it creates as part of the home buying experience. We believe now more than ever that with this technology we can help revolutionise the mortgage industry.”
Mojo Mortgages has created an app which sources and compares mortgages from more than 90 lenders. Its technology also offers free advice 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. In addition, Mojo’s MortgageScore™ combines credit and open banking data to determine if a customer is mortgage ready. Once a customer’s score is calculated, the MortgageCoach™ feature provides personalised advice on how they could improve their score.
"It's fantastic to see Mojo winning this award", says Jeremy Thompson, Investment Director at Maven. "The business are working hard, building new products like MortgageScore all with the aim of improving the mortgage experience for customers. Mojo is helping their customers navigate the mortgage process with confidence. It is great for the team to get the recognition for what they are doing - well deserved!"