Surrey, UK based mortgage robo advisor MortgageGym has raised £2m in Series Seed funding from China Pacific Capital, Trifecta Capital and Wharton Asset Management. The FCA-authorised service, which is set to change the nature of mortgage advice in the UK, will allow homebuyers to complete their mortgage application online in 15 minutes through a free, hybrid advice website offering mortgage eligibility matching within 60 seconds, regulated robo-advice and access to live advisors.
Following the success of this seed funding round, MortgageGym expects to announce its strategic distribution partnerships within the next three months. John Ingram, CEO and founder of MortgageGym, said: “We are thrilled to have secured such a significant vote of confidence in MortgageGym’s proposition from well-respected investors. “MortgageGym is committed to revolutionising the mortgage market through a whole-of-market, digital, free and accurate application process, which is the first of its kind. We will provide mortgage applicants with peace of mind by advising them on mortgages they can realistically attain based on the strict affordability grounds laid out in the FCA’s Mortgage Market Review.”