Mortgage broker Trussle raises £7.5m
UK-based mortgage broker Trussle has secured £7.5 million in a funding round featuring the venture capital arms of both Rabobank and Goldman Sachs.
The latest round brings Trussle’s total funding to date up to £26.5 million after the tech startup raised £13.6m in Series B financing in May 2018. The firm plans to use the money to invest in the efficiency and speed of its mortgage provisioning.
“Since Trussle launched in December 2015, we’ve helped thousands of homeowners get onto the property ladder and reduce their mortgage payments by switching to the right deal,” says Trussle chairman, Simon Williams. “But there’s ample work to be done in revolutionising the archaic industry.”
Trussle founding CEO Ishaan Malhi resigned from both his position and the board at the mortgage firm earlier this month. Williams has been running the show alongside others in the senior leadership team since.
The start-up hired ex-Wallaby Financial co-founder Todd Zino as CTO in November, and ex-head of Zoopla content strategy Sebastian Anthony as head of organic growth.
According to TechCrunch sources, Trussle is set to make 2019 losses of £10 million.
“Our business is at a pivotal stage in its journey and this new funding will enable us to accelerate our progress, especially through investment in our technology, to make the mortgage process quicker, easier and more transparent,” continues Williams.
Harrie Vollaard, managing director of Rabo Frontier Ventures, adds: “Getting a mortgage is a complex process and is one of the biggest pain points of the financial industry. Trussle is leading the way in reshaping the way people interact with their mortgage by utilising technology to make mortgages smarter, faster and fairer.”