Sprive’s innovative app helps homeowners reduce mortgage terms and save on interest, backed by £5.5 million in fresh funding.
Highlights:
- Sprive, a UK-based mortgage overpayment app, raises £5.5 million in a funding round led by Ascension, with participation from Channel4Ventures and Velocity Capital.
- The app uses AI and automation to help homeowners pay off mortgages faster, saving users an estimated £100 million in interest collectively.
- Sprive was recently selected by NatWest for its inaugural fintech growth program, highlighting its potential to transform the mortgage industry.
Summary: Sprive, a UK-based fintech specializing in mortgage overpayment solutions, has raised £5.5 million in a funding round led by Ascension, with contributions from Channel4Ventures and Velocity Capital. The app leverages AI and smart automation to help homeowners reduce their mortgage terms by making overpayments through spare cash from everyday spending.
This innovative approach has already saved users significant interest costs, with the average user on track to cut three years off their mortgage term. Recognized for its impact, Sprive was recently chosen by NatWest as one of five fintechs for its inaugural growth program, further solidifying its role in reshaping the mortgage landscape.
