Trussle, the UK’s first online mortgage broker, has secured £13.6million in financing from a group of leading international investors led by Goldman Sachs Principal Strategic Investments and Propel Venture Partners in its Series B funding round. The fintech company, launched in 2016, has been spearheading a much-needed revolution in the mortgage market by harnessing technology to offer consumers a fairer, faster and more transparent mortgage experience.
Along with Goldman Sachs and San Francisco-based Propel (also investors in DocuSign), investors include Finch Capital (Zopa), which led Trussle’s Series A fundraising round, and Seedcamp (TransferWise, Revolut) which has backed the company since it was founded.
Trussle’s team has grown from 14 to 70 people and the company has grown rapidly since the last fundraising round in February 2017. The company launched the first continuous mortgage monitoring service last year, which constantly monitors the market and alerts a customer when money could be saved by switching to another deal. Trussle has also been an active consumer champion. In a bid to reduce the £10billion wasted by home owners every year through being on the wrong deal, the company is calling on the government to introduce a Mortgage Switch Guarantee, which proposes new industry measures to offer more protection to customers when it comes to switching.
Ishaan Malhi, CEO and founder of Trussle, said: “Since launching two years ago, we’ve worked tirelessly to create a better mortgage experience for consumers. One that respects their time, wallet and aspirations. Every year millions of existing and aspiring homeowners are failed by the industry’s shortcomings and we exist to fix that.
“The backing from two prolific and globally renowned FinTech investors recognises the brilliant progress we’ve made, but also the scale of our ambition. The funding will enable us to invest significantly in building our brand and our product but fundamentally, will accelerate us towards our vision of digitising the end-to-end journey to make home ownership more affordable and accessible to all.”
Philip Aldis, Managing Director at Goldman Sachs, commented: “Trussle is at the forefront of revolutionising the UK mortgage market, making it more efficient and convenient for consumers to find the right mortgage. We look forward to supporting the company’s ambitious growth plans.”
Propel Partner Rohit Bodas commented: “Propel is excited to back Trussle in providing a transparent and streamlined mortgage process that ensures each borrower has the right product for their individual needs over the long term.”