UK mortgage fintech Sprive raises £5.5m

Channel4Ventures, Velocity Capital, and Two Magnolias joined the round.

With 80% of UK household debt tied up in mortgages, Sprive helps homeowners pay off their mortgages faster, reducing interest costs and boosting their financial freedom.

The company uses AI and smart automation to enable homeowners to pay off their mortgage faster through their everyday shopping, by automatically putting spare cash towards overpayments and by continuously scanning the market to help find better mortgage deals

Launched three years ago, the startup was chosen recently by NatWest as one of just five fintechs to join its inaugural fintech growth programme.

Jinesh Vohra, CEO, Sprive, says: “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 £100 million in interest alone.”