Sprive, a London-based company working to help homeowners pay off their mortgages faster, announced a funding round worth £5.5 million, or $7.3 million. The capital raise, led by Ascension, will help Sprive pursue its mission of reducing household debt for people across Britain.
The company’s platform leverages AI and automation capabilities to reduce interest costs and improve homeowners’ financial freedom. It streamlines mortgage overpayments, allows users to earn cash back rewards on everyday shopping and instantly applies those rewards to their mortgage. Sprive also keeps tabs on trends in the mortgage market to make its users aware of better deals when they arise.
“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,” Jinesh Vohra, Sprive’s CEO, said in a statement published by UK Tech Investment News. “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.”
