The UK’s first online mortgage broker, Trussle, has raised a further £7.5m in funding as it continues its rapid technology expansion aimed at disrupting the market by making mortgages fairer.
The investment includes funding from a new investor, the Dutch-based Rabo Frontier Ventures (RFV), alongside existing investors, Goldman Sachs Merchant Banking Division, Finch Capital and San Francisco-based Propel Venture partners.
Rabo Frontier Ventures, an €150 million investment fund of Rabobank, focuses globally on innovative fintech and agtech companies, and has invested in other fintechs including Tide and Peaks. RFV’s participation is particularly valuable because of the similarities between the UK and Dutch mortgage markets.
Harrie Vollaard, Head of Rabo Frontier Ventures, said:
“The slow-moving and complex mortgage market is one of the biggest pain points of owning a home.
Trussle is leading the way in reshaping the way people interact with their mortgage by utilising technology to make mortgages smarter, faster and fairer. We’re looking forward to working closely with Trussle on the next phase of their journey to redesign the mortgage application process, as well as additional services to better support their customers through the home ownership journey.”
Since 2016, Trussle has attracted £26.7m in funding, and this latest round demonstrates investors’ confidence in the opportunity to revolutionise the UK mortgage market.
Trussle has grown rapidly over the last year, amplifying its mission to make mortgages fairer and almost doubling the volume of customers. The business recently expanded its senior leadership team, appointing Chief Technology Officer Todd Zino, and veteran banker, Simon Williams, as Trussle’s Chairman.
“Owning a home should bring stability and freedom. Unfortunately, the reality is that finding a mortgage often creates stress, inconvenience and unfair treatment” commented Trussle Chairman, Simon Williams.
“Since Trussle launched in December 2015, we’ve helped thousands of homeowners get onto the property ladder and reduce their mortgage payments by switching to the right product. But there’s ample work to be done in revolutionising the archaic industry.
Our business is at a pivotal stage in its journey and this new funding will enable us to accelerate our progress, especially through investment in our technology, to make the mortgage process quicker, easier and more transparent.
We are committed to making the mortgage industry more accessible. Current statistics suggest there are more than two million people losing out on an average of £4,500 a year by being on the wrong mortgage and we intend to continue our work to make mortgages fairer. The funding from our investors not only exemplifies the progress we’ve made so far, but also the scale of the opportunity that lies ahead.”
Rana Yared, Managing Director of Goldman Sachs Merchant Banking Division added:
“We are delighted to continue to support Trussle. We believe the company is at the forefront of improving the UK mortgage experience.”