Sprive, the independent mortgage overpayment app, has successfully closed a £5.5m funding round led by Ascension, with participation from Channel4Ventures, the broadcaster’s consumer investment arm, Velocity Capital, and Two Magnolias.
This investment hopes to supercharge Sprive’s ongoing mission to help homeowners in Britain repay their mortgages faster, helping to reduce household debt.
With 80% of UK household debt tied up in mortgages, Sprive aims to support homeowners in paying off their mortgages faster, reducing interest costs and boosting their financial freedom.
Jinesh Vohra, CEO of Sprive, said: “Sprive is set to have a huge positive impact on our customer’s finances, as our average user is already on track to slash three years off their mortgage term, collectively saving our users more than £100m in interest alone.
“We’re proud to offer the fastest way to financial freedom for the homeowner and we’re determined to help as many as possible achieve it.”
Jean de Fougerolles, Ascension’s managing partner, added, “We’re thrilled to back Sprive in its mission to help homeowners take control of their finances.
“With mortgage debt becoming an entrenched issue, Sprive’s approach offers a tangible solution to a growing problem.
“Since downloading the App as part of our DD process, I’ve become a heavy user, taking money off my mortgage with every shop!”
The support from Channel 4 Ventures, the consumer investment arm of UK broadcaster Channel 4 and Velocity Capital, both consumer-focused investors, will allow Sprive to scale beyond its initial word-of-mouth growth strategy. By leveraging TV and streaming advertising, Sprive aims to drive mass awareness and shorten its path to profitability.
Vinay Solanki, head of Channel 4 Ventures, said: “Our Untapped strategy is about finding solutions to mainstream consumer problems, the great problems that exist in society and in our view there’s no reason why every single residential mortgage holder in the UK should not be using Sprive.”
Rajeev Saxena, CEO of Velocity Capital, added: “Velocity is passionate about investing in companies that genuinely fulfil a consumer need.
“Sprive does this without question and will truly disrupt the mortgage market and beyond to the benefit of the homeowner.”
