MQube has announced a major restructuring following a strategic review.
The company will separate its technology and lending operations, focusing its future growth on its AI-driven platform while exploring divestment options for its lending arm, MPowered Mortgages.
Consequently, MPowered will stop accepting new loan applications. The lender said existing borrowers and broker partners will continue to be supported, with communications already underway to keep customers informed.
Stuart Cheetham, chief executive of MQube, said: “The growth of both MQube and MPowered has been truly phenomenal, supported by a fantastic team of people.
“MPowered has shown what’s possible when cutting-edge technology meets high-quality mortgage lending. The team has set new standards for speed, efficiency, and customer experience.
“Our focus now is on making that technology available to lenders around the world. This move will enable both businesses to achieve their full potential.”
Since launching in 2019, MQube’s AI platform has powered MPowered Mortgages to more than £1.3 billion in prime lending and introduced the “One Day Mortgage” service.
Earlier this month, MQube became the first company in Europe to tokenise £1.3 billion of mortgage debt on a blockchain, paving the way for the digital trading of mortgage assets.
The company said this capability positions it to play a central role in the evolution of capital markets infrastructure as financial institutions look to leverage distributed ledger technology for greater transparency and efficiency.
