Fintech App Sprive Raises $7.3M for Mortgage Overpayment Platform

Sprive, a fintech app targeting the U.K. market, has closed a funding round of £5.5 million ($7.3 million) led by impact investor Ascension. The app aims to help users pay off their mortgages faster using automation and cash-back rewards, potentially saving an average of £10,000 each over the lifetime of the mortgage. Through everyday shopping, users can automatically put spare cash toward overpayments and find better mortgage deals by linking their bank accounts to the app.

Sprive generates revenue by allowing users to save money on mortgage interest and earn commission from mortgage lenders whenever a customer refinances. The funding round also saw participation from Channel4Ventures, Velocity Capital, and Two Magnolias.

CEO Jinesh Vohra highlighted the app's access to spending, mortgage, credit, and property information, providing an efficient digital means for lenders to acquire new customers. This innovative approach aims to disrupt the non-digital and fragmented mortgage adviser landscape, making it more cost-effective to innovate in the mortgage industry.

Source: Tech Crunch