# Sprive Secures $7.3M to Help UK Homeowners Conquer Their Mortgages

## Sprive Secures $7.3M to Help UK Homeowners Conquer Their Mortgages

UK-based fintech startup Sprive has just announced the closing of a $7.3 million (£5.5 million) funding round, led by impact investor Ascension. The company’s mission? To empower homeowners to pay off their mortgages faster and save thousands of pounds in interest.

Sprive operates a mortgage overpayment platform designed for the UK market. Recognizing that mortgage lenders often discourage early repayment, as their profits rely on long-term interest accrual, Sprive offers a tech-driven solution that leverages automation and cashback rewards. The platform claims to save users an average of £10,000 over the lifespan of their mortgage.

Launched in October 2021, Sprive connects to users’ bank accounts and identifies spare cash that can be automatically directed towards mortgage overpayments. The app also scans the market for better mortgage deals, offering users a comprehensive approach to managing their home loans.

A key feature of Sprive is its integration with everyday shopping. Users can shop as usual at major UK supermarkets and other retailers, taking advantage of cashback offers and discount vouchers. The savings generated are then automatically applied to their mortgage, reducing the principal and ultimately shortening the loan term.

According to CEO Jinesh Vohra, Sprive aims to bridge the gap between lenders seeking innovation and the fragmented, often non-digital, mortgage advisor landscape. “Lenders are looking to innovate in the mortgage industry, but they rely on mortgage advisers for remortgages,” Vohra told TechCrunch. Sprive offers a more efficient digital channel for lenders to acquire new customers.

Sprive’s business model is multifaceted. The company earns revenue through user shopping activity, mortgage refinancing commissions, and potentially other channels as the platform evolves. “Every time someone shops or switches mortgages, we make money,” Vohra explained. “Within 15 minutes of shopping, you get money towards your mortgage, and we scan the market every day for better mortgage deals. Every time a customer refinances, we get commission from the mortgage lender.”

In addition to Ascension, the funding round saw participation from Channel 4 Ventures, Velocity Capital, and Two Magnolias. This investment will likely fuel Sprive’s growth, enabling the company to further develop its platform and expand its reach to more UK homeowners looking to take control of their mortgages.