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Most mortgage lenders would rather multitude did n’t pay off their mortgages early . After all , that ’s how they make their money . Indeed , overpayment is positively discouraged and sometimes even penalise . What if there was a resolution that solved the technology behind it , alongside the financing arrangement ?

That ’s the idea behind theSprivefintech app . This is a “ mortgage overpayment ” platform aimed at the U.K. marketplace that facilitate users repay their mortgage quicker using mechanisation and cash - back rewards . It claim to save users an average of £ 10,000 each over the lifetime of the mortgage .

Sprive , which launched in October 2021 , now closed a £ 5.5 million ( $ 7.3 million ) funding round contribute byAscension , a VC that styles itself as an impact investor . Ascension has also backed mortgage startup Tembo , as well as fintech companies Wagestream , SuperFi , DebtStream , Goodstack ,   and Credit Kudos ( which pass away to Apple ) .

Sprive said the app work by allow homeowners pay off their mortgage faster through their unremarkable shopping , by mechanically commit spare cash toward overpayments and unceasingly scan the market to help customers find well mortgage mickle .

Users can pay toward their mortgage from a bank account tie in to the Sprive app by denounce as they would ordinarily with mainstream U.K. supermarkets . They then use Johnny Cash - back offers , discount vouchers , and more so as to   pay off a mortgage faster . It does this by take into account the user to save money on the interest on the mortgage and shaving potentially years off the mortgage term .

“ Lenders are seem to innovate in the mortgage industry , but they bank on mortgage advisers for remortgages , ” CEO Jinesh Vohra told TechCrunch . “ To entice a client to re - mortgage , they trust on mortgage advisers who are nondigital and fragmented . So it ’s very , very expensive to introduce . But we have entree to their spending information , their mortgage information , their recognition entropy , and their property data . ”

He say Sprive gives lender a more effective digital means of being able-bodied to acquire new customers . “ Every time someone shops or switching mortgages , we make money . Within 15 minute of shopping , you get money towards your mortgage , and we scan the mart every day for better mortgage deals . Every sentence a client refinances , we get commissioning from the mortgage loaner . ”

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Also participating in this round was Channel 4 Ventures ( the consumer investment arm of the U.K. broadcaster Channel 4 ) , Velocity Capital , and Two Magnolias .