Online mortgage broker Trussle has secured £4.5 million in funding.
The £4.5 million investment will be used to further develop the product and continue growing the brand.
The backing comes as it reaches the milestone of managing £1 billion worth of mortgages on behalf of homeowners across the UK.
Orange Growth Capital, a European and Asian fintech VC and backers of peer-to-peer lending platform Zopa and online insurance broker Knip, has led the funding.
Existing investors LocalGlobe, Zoopla, and Seedcamp, who together supported a £1.1 million seed round in February 2016, alongside angel investors Ed Wray, co-founder of Betfair, and Ian Hogarth, co-founder of Songkick, are also behind the deal.
Ishaan Malhi, CEO and founder of Trussle, said: “Since launching Trussle back in 2015, we’ve been overwhelmed by the scale of the movement we started. 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 £1 billion 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, Trussle launched a partnership with property portal Zoopla to allow buyers who start their property search online to find and finance their home in one seamless journey. The partnership is driving an average of £5 million worth of mortgage enquiries via the Zoopla website each day.
It also has partnerships with comparison site uSwitch, online estate agent HouseSimple, and credit bureau Noddle.
Malhi added: “Finding a mortgage has been a time-consuming, inconvenient, and frankly antiquated process for too long. Unfortunately this pain is also preventing people from remortgaging when the time is right.
“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.
“So far we’ve helped thousands of homeowners reduce their mortgage payments by switching to the right deal. 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.”
