Robo-advisors are all the rage at the moment and claim to be able to help you manage everything from your investments to your savings and cash flow.
Now, a service that is touted as being the ‘world’s first’ digital mortgage robo-advisor, MortgageGym, has announced it has secured investment from comparison giant GoCompare as it looks to bring its digital mortgage advice service to the masses.
The investment, which is for a currently undisclosed amount, will see MortgageGym partner with GoCompare and Experian to provide customers with a digital mortgage marketplace offering real-time advice and instant lender eligibility and affordability matching.
John Ingram, who is the founder and Chief Executive at the startup, said that an end-to-end digital solution of this kind is long overdue and believes GoCompare ‘significant’ investment in the company will help to drive transformation in a traditionally sluggish industry. He said:
“There is an overdue need for an end-to-end digital solution to change the distribution landscape of the UK’s mortgage market. This significant commitment from GoCompare ensures that MortgageGym will be able to drive that transformation with one of the UK’s leading financial services comparison websites.
“GoCompare has brought transparency for consumers when researching other financial services products. Consumers deserve that same transparency, ease and clarity in accessing mortgages. MortgageGym does just that in real-time, by matching consumers with lenders and products that they can afford.”
The investment comes after the London-based tech firm previously raised £2.5m from investors including Gaby Salem, China Pacific Capital, Trifecta Capital, and former Deutsche Bank Chief Operating Officer, Henry Ritchotte.
Following the latest capital injection, Matthew Crummack, Chief Executive Officer of GoCompare, commented: “We are thrilled to announce this investment in MortgageGym who, like us, put consumers’ needs at the heart of everything that they do.
“The mortgage industry in the UK is one of the last bastions of financial services to be disrupted by a digital solution. We look forward to being able to offer our customers transparent and rapid access to mortgage advice through our partnership with MortgageGym.”
Written by: Billy Wood
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