13th February 2019
Macclesfield-based Mojo Mortgages has secured a £7m equity investment.
The fintech start-up is an FCA-regulated online digital mortgage broker which has developed a platform to allow customers to undertake a full market comparison of mortgage providers and their products.
Maven Capital Partners and NVM Private Equity have backed the business to the tune of £3.25m as part of a wider £7m funding round.
The money will support Mojo’s ambitious growth plans and help it further evolve its unique and intuitive platform to enable a “more empowering experience” for consumers.
Richard Hayes, chief executive and co-founder at Mojo Mortgages, said: “It was clear from the outset that both Maven and NVM would be a great fit for Mojo. We felt they bought into our mission and plans for growth.
“Their presence in Manchester and the people we met also made for a great cultural fit. Nick and I are really excited about working together to achieve our vision of a better mortgage experience for everyone.”
Jeremy Thompson, investment manager at Maven, added: “Mojo has created a fantastic platform which allows customers to compare and apply for mortgages online, with advice from experienced mortgage brokers.
“The Mojo team led by Nick and Richard is on a mission to change the way we buy mortgages in the UK, and they are driven by improving the mortgage experience for customers. Their energy and ambition is reflected in the strong team they have built around them, and we are genuinely excited to work with them and support them in their next stage of their growth.”
Charlotte Clarke at NVM, said: “We are particularly excited by the substantial market opportunity and management’s enthusiasm to create a better mortgage journey for consumers. NVM looks forward to supporting the team as they drive the business forward.”
Principals and key advisers to the transaction:
Management referencing – Argyll Fenton
Commercial – Whitecap Consulting
Financials – Dow Schofield Watts
Legals – Hill Dickinson LLP
Insurance – Locktons
Technology – Intechnica