MortgageGym, which is planning to try and change the way UK consumers access the mortgage market, has announced the successful completion of a seed funding round of £2m ahead of its official launch this summer.
The FCA-authorised service will allow homebuyers in the UK to complete their mortgage application online in 15 minutes through a free, hybrid advice website offering mortgage eligibility matching within 60 seconds, regulated robo-advice and access to live advisors.
MortgageGym has raised more than £1.3m in cash and the balance in technology development finance through deals with three seasoned fintech investors, including Gaby Salem, of London based Wharton Asset Management, China Pacific Capital, a Hong Kong based venture capital fund, and Trifecta Capital, a venture capital firm specialising in providing structured finance to develop emerging technology and business process outsourcing.
Following the success of this seed funding round, MortgageGym expects to announce its strategic distribution partnerships within the next three months.
John Ingram, CEO and founder of MortgageGym, said: “We are thrilled to have secured such a significant vote of confidence in MortgageGym’s proposition from well-respected investors.
“MortgageGym is committed to revolutionising the mortgage market through a whole-of-market, digital, free and accurate application process, which is the first of its kind.
“We will provide mortgage applicants with peace of mind by advising them on mortgages they can realistically attain based on the strict affordability grounds laid out in the FCA’s Mortgage Market Review.”