Mojo Mortgages, a fintech start-up based in the north west, has secured £7m in funding towards its mission to transform the mortgage experience.
The online mortgage broker will use the capital injection from private equity backers NVM Private Equity and Maven Capital Partners to invest in growth and innovation.
Co-founded by entrepreneurs Richard Hayes and Nick Sherratt, Mojo picks out offers from 90 lenders and gives free advice on the options before handling the application on its clients' behalf.
The system uses artificial intelligence and the concept of natural language understanding to reduce the time it takes to get a decision.
Mojo has so far served almost 50,000 people and claims to have saved customers £4m in broker fees, based on average fees of £500.
Mojo does not charge customers for using its service but gets paid a commission from the lender instead.
Mr Hayes said: "We are on an absolute mission to deliver the UK's best mortgage experience and make mortgages easy.
"The UK mortgage market is the largest in Europe, but investment into the sector has been disproportionate in comparison to other financial verticals.
"This has resulted in poor customer experience and a significant lack of innovation. Mojo intends to put that right."
Mr Sherratt added: "Mojo is leading the evolution of the mortgage market. We're delighted that Maven and NVM have joined our existing investors in backing our ambitious strategy for growth.
"Through innovation and continuing to build and develop our amazing team, we will achieve our vision of a better mortgage experience for everyone."
Jeremy Thompson, investment manager at Maven said: "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. Maven are hugely excited to be supporting the team to help them achieve this."
carmen.reichman@ft.com
