Trussle Secures £7.5M in Fresh Funding
Online mortgage broker Trussle announces new funding to further transform the UK mortgage market
New funding brings total investment in business £26.7m
Rabo Frontier Ventures announced as fresh funding partner
20th January 2020: The UK’s first online mortgage broker, Trussle, has raised a further £7.5m in funding as it continues its rapid technology expansion aimed at disrupting the market by making mortgages fairer.
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.
Rabo Frontier Ventures, an €150 million investment fund of Rabobank, focuses globally on innovative fintech and agtech companies, and has invested in other fintechs including Tide and Peaks. RFV’s participation is particularly valuable because of the similarities between the UK and Dutch mortgage markets.
Harrie Vollaard, Head of Rabo Frontier Ventures, said, “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.”
Since 2016, Trussle has attracted £26.7m in funding, and this latest round demonstrates investors’ confidence in the opportunity to revolutionise the UK mortgage market.
Trussle has grown rapidly over the last year, amplifying its mission to make mortgages fairer and almost doubling the volume of customers. The business recently expanded its senior leadership team, appointing Chief Technology Officer Todd Zino, and veteran banker, Simon Williams, as Trussle’s Chairman.
“Owning a home should bring stability and freedom. Unfortunately, the reality is that finding a mortgage often creates stress, inconvenience and unfair treatment” commented Trussle Chairman, Simon Williams.
“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 revolutionising 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.
We are committed to making the mortgage industry more accessible. Current statistics suggest there are more than two million people losing out on an average of £4,500 a year by being on the wrong mortgage and we intend to continue our work to make mortgages fairer. 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.”
Rana Yared, Managing Director of Goldman Sachs Merchant Banking Division added, “We are delighted to continue to support Trussle. We believe the company is at the forefront of improving the UK mortgage experience.”
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Notes to editors
For further information, please contact:
Katie Halfhead at Trussle: [email protected] / 020 3884 0368
Rupert Bhatia or Jess Riley at Teamspirit for Trussle: [email protected] / 020 7861 3827
We’ve taken extra care to ensure the information provided within this release is presented in a way that’s compliant with regulatory requirements. If you have any questions about how to repurpose this information or require any further assistance, please contact Katie Halfhead at Trussle.
Trussle helps people love their journey of owning a home. We’re the online mortgage broker helping you wherever you are on the ladder.
See how much you could borrow or save in minutes. Whether you're looking at homes for the first time, or you're looking to remortgage for the fourth time. Our quick online calculators will help you take the next step on your home ownership journey.
Say goodbye to paperwork, long phone calls, and being left out of the loop. Say hello to a quick, jargon-free, personal service that you can access from anywhere at any time. We’ll help you find and secure your mortgage entirely online.
Relax while we ensure you're always on the right deal. We compare your mortgage with the latest deals on the market every day, and we’ll alert you the moment it's time to switch to a more suitable deal. That way, you'll never pay more than you should to own your home.
In September 2016 Trussle launched an industry-first partnership with online property portal Zoopla, making it possible to find and buy a home in one seamless experience. Trussle is backed by some of Europe's leading technology investors including Orange Growth Capital, LocalGlobe, Ed Wray (founder of Betfair), Ian Hogarth (founder of Songkick), Seedcamp, and Zoopla Property Group.
Trussle is a trading style of Trussle Lab Ltd, which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.
More information can be found at https://trussle.com/
Trussle’s press pack is available here