Sprive raises $10m in Series A funding round
The funding round was backed by existing investors Ascension, Channel 4 Ventures and the Velocity EIS Technology Fund, alongside new investors including Active Partners, Wealth Club and Rank Ventures.
Mortgage overpayment app Sprive has raised $10m (£7.7m) in a Series A funding round, taking the total raised by the fintech to more than $15m.
The funding round was backed by existing investors Ascension, Channel 4 Ventures and the Velocity EIS Technology Fund, alongside new investors including Active Partners, Wealth Club and Rank Ventures.
Sprive said the funding would be used to accelerate customer acquisition and revenue growth.
Founded in 2019 by former Goldman Sachs bankers Jinesh Vohra and Saad Hashim, Sprive enables customers to earn cashback on everyday spending through its app and automatically use it to overpay their mortgage.
The app also allows customers to scan the mortgage market and switch to new deals.
Sprive currently has 567,000 registered users and supports around £42bn of mortgages.
The company said customers have reduced their mortgage balances by £26m through the app, with potential interest savings of more than £300m.
The fintech said its revenue had increased more than 25-fold since January 2025, while annualised spending through the app had risen 35-fold to £328m over the same period.
Sprive has also recently become cash flow positive, with an annual revenue run rate of more than £18m.
Jinesh Vohra, founder and CEO of Sprive, said: “Given the cost-of-living crisis, with mortgage rates going through the roof, and borrowers being pushed into extending their mortgage terms in cases well into retirement, the ability to use your weekly shop to reduce your mortgage interest, and ultimately the term of the loan, is hugely appealing.
“Over time these payments can really add up. The fact that even in this tough investment market we managed to pull off this Series A raise is a huge vote of confidence, particularly as so many of our previous backers had no hesitation coming back for more.
“With these new funds under our belt, and having convincingly shown the viability of our product and our business, we are now in a strong position to step up our marketing push significantly and accelerate both customer acquisition and revenue growth.”
Jean de Fougerolles, managing partner at Ascension, added: “Sprive is a great example of the businesses Ascension wants to back. Technology that changes the systems we all rely on in everyday life.
“For most people, a mortgage is the biggest financial commitment they’ll ever make, yet managing it is still surprisingly passive.
“Sprive is changing that, starting with mortgages and ultimately giving people a much easier way to take control of debt more broadly. Since we invested, the user base has grown 10x and last month 1.2% of mortgaged homeowners shopped through Sprive.
“With 8.5 million owner occupied mortgages in the UK, the headroom from here is significant.
“We’re excited about what that could become at scale: a platform that genuinely changes people’s relationship with debt and gives households more control over their money.”
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