MortgageGym, the world’s only regulated mortgage robo-adviser, tells My Entrepreneur Magazine that it has completed a seed funding round of £2m ahead of its official launch this summer.
The FCA-authorised service, which is set to change the nature of mortgage advice in the UK, will allow homebuyers to complete their mortgage application online in 15 minutes through a free, hybrid advice website offering mortgage eligibility matching within 60 seconds, regulated robo-advice and access to live advisors.
MortgageGym has raised over £1.3m in cash and the balance in technology development finance through deals with three seasoned fintech investors;
- Gaby Salem, of Wharton Asset Management, a London-based private family office with a diversified private equity and venture capital portfolio with investments in infrastructure, energy, technology, consumer goods and biotechnology.
- China Pacific Capital, a Hong Kong based venture capital fund which has been successfully investing in technology companies for over 35 years in the US, UK and China including the first Chinese internet company to be listed on NASDAQ.
- Trifecta Capital, a venture capital firm specialising in providing structured finance to develop emerging technology and business process outsourcing.
Following the success of this seed funding round, MortgageGym expects to announce its strategic distribution partnerships within the next three months.
John Ingram, CEO and founder of MortgageGym, said: “We are thrilled to have secured such a significant vote of confidence in MortgageGym’s proposition from well-respected investors.
“MortgageGym is committed to revolutionising the mortgage market through a whole-of-market, digital, free and accurate application process, which is the first of its kind. We will provide mortgage applicants with peace of mind by advising them on mortgages they can realistically attain based on the strict affordability grounds laid out in the FCA’s Mortgage Market Review.”
Kizzi Nkwocha is the editor of My Entrepreneur Magazine and publisher of The UK Newspaper, The Property Investor and Gold, Oil and Diamonds, the net’s fastest growing wealth creation publication. Kizzi Nkwocha made his mark in the UK as a publicist, journalist and social media pioneer. As a widely respected and successful media consultant he has represented a diverse range of clients including the King of Uganda, and Amnesty International. Nkwocha has also become a well-known personality on both radio and television. He has been the focus of a Channel 4 documentary on publicity and has hosted his own talk show, London Line, on Sky TV. He has also produced and presented both radio and TV shows in Cyprus and Spain.