UK-based online mortgage broker, Trussle, announced on Wednesday it has raised a further £7.5m in funding as it continues its technology expansion. Trussle revealed that 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.
Trussle reported that since 2016 it has attracted £26.7 million in funding, and this latest round demonstrates investors’ confidence in the opportunity to “revolutionize” the UK mortgage market. Trussle Chairman, Simon Williams, further explained:
“Owning a home should bring stability and freedom. Unfortunately, the reality is that finding a mortgage often creates stress, inconvenience, and unfair treatment. 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 revolutionizing 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.”
Speaking about the investment, Harrie Vollaard, Head of Rabo Frontier Ventures, stated:
“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.”
Williams added:
“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.”