Sprive Accelerates Mortgage Freedom with £5.5M Funding Boost
Deal News | Apr 29, 2025 | Business Cloud
Sprive, a London-based fintech company and the UK's only independent mortgage overpayment app, has secured £5.5 million in a funding round led by Ascension, with additional backing from Channel4Ventures, Velocity Capital, and Two Magnolias. This funding aims to enhance Sprive’s ability to assist UK homeowners in reducing their mortgage repayment periods and alleviating interest costs, amidst rising household debt levels. The app, which automates mortgage overpayment through spare cash directing and market scanning for better deals, was also recently acknowledged by NatWest's inaugural fintech growth program. By encouraging faster mortgage payoff through everyday transactions, Sprive has reportedly helped its average user reduce their mortgage term by three years and save over £100 million in interest collectively. CEO Jinesh Vohra emphasizes Sprive's commitment to aiding homeowners in achieving financial independence. Ascension's managing partner, Jean de Fougerolles, expressed enthusiasm for Sprive's potential to solve embedded mortgage debt challenges.
Sectors
- FinTech
- PropTech
Geography
- United Kingdom – Sprive is based in London and its services cater primarily to UK homeowners, addressing the local market's mortgage challenges.
Industry
- FinTech – Sprive operates in the FinTech industry as it provides digital solutions aimed at enhancing financial management for homeowners.
- PropTech – Sprive is classified under PropTech due to its focus on technology solutions that help manage real estate and property finances.
Financials
- 5.5 million GBP – The amount raised by Sprive in its recent funding round.
- 100 million GBP – The collective interest savings achieved by Sprive users through the app's overpayment feature.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sprive | Target | Company | Sprive is a fintech company dedicated to helping homeowners pay off their mortgages faster. |
| Ascension | Investor | Company | Ascension is a venture capital firm leading the funding round for Sprive. |
| Channel4Ventures | Investor | Company | Channel4Ventures is the consumer investment arm of Channel 4, participating in the funding round. |
| Velocity Capital | Investor | Company | Velocity Capital is a participating investor in Sprive's funding round. |
| Two Magnolias | Investor | Company | Two Magnolias is a participating investor in Sprive's funding round. |
| Jean de Fougerolles | Managing Partner at Ascension | Person | Jean de Fougerolles is the managing partner at Ascension, an entity investing in Sprive. |
| Jinesh Vohra | CEO of Sprive | Person | Jinesh Vohra is the CEO of Sprive and is focused on expanding the company's mission to assist homeowners. |