UK mortgage overpayment app Sprive has raised £5.5 million in a funding round led by Ascension, with participation from Channel4Ventures, Velocity Capital, and Two Magnolias.
With 80% of UK household debt tied up in mortgages, Sprive assists homeowners in paying off their mortgages more quickly, thereby reducing interest costs and enhancing financial freedom. The company leverages AI and smart automation to facilitate mortgage overpayments through everyday shopping, automatically directing spare cash toward repayments and continuously searching for better mortgage deals.
Launched three years ago, the startup was recently selected by NatWest as one of five fintechs to participate in its inaugural fintech growth program.
CEO Jinesh Vohra stated, “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.”