Online mortgage broker receives £4.5m backing

The funding was led by Orange Growth Capital, who have previously backed peer-to-peer lending platform Zopa.

Trussle’s existing investors, which include Zoopla, supported a seed funding round of £1.1m in February 2016 and are also behind this latest deal.

The funding is set to mark a new chapter for the proptech firm and Ishaan Malhi, CEO and founder of Trussle, said it had been overwhelmed by the scale of the movement since it launched in 2015.

“We’re helping thousands more customers every month, have signed several high-profile partnerships that allow us to reach over 90% of the home-owning population, and now manage £1bn worth of mortgages on behalf of UK homeowners.

“All together it’s validation that we’ve uncovered a real consumer problem, and the technological innovation we’re starting to see from new entrants, as well as traditional brokers, suggests our innovative approach is having a real snowball effect.”

In September last year, Trussle launched an industry-first partnership with Zoopla, which allowed buyers who were searching for a property online to also find finance for their home in the same journey.

The partnership has driven an average of £5m worth of mortgage enquiries via the Zoopla website each day.

Ishaan now hopes to help those who have been struggling when trying to remortgage.

“There are more than three million people losing an average of £3,500 per year across the UK, due to being on the wrong mortgage.

“We’ll be helping put this issue firmly on the public agenda in 2017.

“With the help of this further funding round, we’ll be able to help thousands more dust off their mortgage statements, get online and discover what they could be saving.”

As part of the investment, Radbound Vlaar, partner and founder of Orange Growth Capital, will be joining Trussle’s board, stating that his company was excited about its investment.

“As a team, not only do they have great consumer financial experience, but like us, they’ve experienced the antiquated process of getting a mortgage first hand.

“This investment reaffirms the innovation taking place in the UK’s fintech market. We look forward to working with Ishaan and his team in taking the business to the next level.”

Robin Klein, partner and founder of existing investor LocalGlobe, concluded by adding: “We’re big believers in the benefits that well-conceived proptech services bring to consumers, and we’ve been extremely encouraged by the response to Trussle in the marketplace.

“Ishaan has emerged as a thought leader for the industry as a whole, and as the consumer champion in the mortgage space.”