MortgageGym has completed a seed funding round of £2m ahead of its official launch this summer.
It has raised over £1.3m in cash and the balance in technology development finance through deals with three fintech investors:
- Gaby Salem, of Wharton Asset Management, a London-based private family office with a diversified private equity and venture capital portfolio with investments in infrastructure, energy, technology, consumer goods and biotechnology.
- China Pacific Capital, a Hong Kong based venture capital fund which has been investing in technology companies for over 35 years in the US, UK and China including the first Chinese internet company to be listed on NASDAQ.
- Trifecta Capital, a venture capital firm specialising in providing structured finance to develop emerging technology and business process outsourcing.
Following 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.”