Sprive, a UK-based FinTech specialising in helping homeowners pay off their mortgages faster, has raised £5.5m in a new funding round.
The investment was led by Ascension, with additional backing from Channel4Ventures, Velocity Capital, and TwoMagnolias.
Sprive operates the UK’s only independent mortgage overpayment app, aiming to reduce household debt by enabling users to repay their mortgages quicker. With mortgage debt accounting for 80% of UK household borrowing, Sprive’s approach offers a timely solution, especially amid rising interest rates and growing concerns over long-term mortgage liabilities.
The fresh capital will be used to expand Sprive’s reach, moving beyond its initial word-of-mouth growth strategy. With support from consumer-focused investors such as Channel4Ventures and Velocity Capital, the company plans to scale up marketing efforts through TV and streaming platforms, driving broader brand awareness and accelerating its path to profitability.
The company was recently selected by NatWest for its inaugural FinTech growth programme, highlighting its rising influence within the sector.
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 £100 million 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, managing partner at Ascension said, “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!”
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.”
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