NVM co-leads £7m funding round backing Mojo Mortgages
Digital broker platform brings end-to-end solution to the mortgage application process
NVM Private Equity (“NVM”) has completed an equity investment in UK fintech company Mojo Mortgages (“Mojo”, the “Business” or the “Company”), a leading online mortgage comparison and processing platform. The investment is part of a wider £7 million funding round and will support Mojo’s ambitious growth plans and help the Company continue to evolve its unique and intuitive platform, enabling a more empowering experience for consumers looking for a new mortgage.
The Business has developed a sophisticated technology platform which allows customers to undertake a full market comparison of mortgage providers and their products and to complete the entire process seamlessly from initial application to completion. Mojo provides a whole market solution, comparing mortgages from more than 90 lenders. Its technology also offers free advice within 15 minutes, before handling the entire application process, enabling customers to make an informed decision, whilst reducing the complexity and time it takes to get a decision. The Company’s recommendations give customers more certainty around eligibility and ensures they get the cheapest deal now and in the future. Mojo will continue to build upon its suite of APIs – enhancing its online mortgage journey and automated decision making to enable an end-to-end experience for its customers and strategic partners.
The mortgage market is well established but an estimated 40% of the 12,000 mortgage brokers in operation in the UK do not have a website. Mojo has identified a gap in the market for the more digitally fluent demographic, a key target customer for Mojo, who are increasingly managing many aspects of their finances online.
Charlotte Clarke, Investment Associate at NVM, added: “NVM is incredibly delighted to be backing Nick and Rich during the next phase of Mojo’s growth. We are particularly attracted 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.”
Richard Hayes, CEO and Co-founder at Mojo Mortgages, concluded: “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.”
NOTES TO EDITORS
For further information please contact:
- Natalie Dickinson (NVM: PR & Marketing) – 0118 951 7021 firstname.lastname@example.org
- Charlotte Clarke (NVM: Investment Associate) – 0118 951 7000 email@example.com
Download photos of: Mojo – www.nvm.co.uk/PRphotos
NVM was provided with:
- Legal advice by Hill Dickinson
- Commercial due diligence by Whitecap Consulting
- Financial due diligence by Dow Schofield Watts
- Technology due diligence by Intechnica
- Management due diligence by Argyll Fenton
- Insurance due diligence by Lockton
NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing more than £400 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities of between £2 million and £15 million in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk