Sprive Secures £5.5m to Revolutionize Mortgage Repayments
Deal News | Apr 29, 2025 | UK Tech Funding
Sprive, a fintech app aimed at reducing mortgage payments for UK homeowners, has successfully raised £5.5 million in a funding round led by Ascension, with participation from Velocity Capital and Two Magnolias. The app, founded by Jinesh Vohra, a former Goldman Sachs director, uses AI to direct extra savings towards early mortgage repayments and offers cashback rewards. The new capital will support Sprive's mission to shorten mortgage terms and alleviate household debt, a growing concern in the UK. Ascension's managing partner, Jean de Fougerolles, expressed confidence in Sprive's potential to address this issue, noting personal use during the due diligence process. The funding strategy aligns with Channel 4 Ventures' objectives to address mainstream consumer problems, with head Vinay Solanki highlighting that all UK mortgage holders should consider Sprive's solution.
Sectors
- Fintech
- Mortgage Lending
- Investment
Geography
- United Kingdom – Sprive is a UK-based fintech startup targeting UK homeowners, and the funding involves UK investors like Channel 4 Ventures.
Industry
- Fintech – Sprive operates in the fintech industry by providing a technology-driven solution for managing mortgage repayments more efficiently.
- Mortgage Lending – Sprive focuses on reducing mortgage repayment times and costs, directly impacting the mortgage lending sector.
- Investment – The article discusses significant investment activities, involving multiple stakeholders providing funding to a fintech startup.
Financials
- £5.5 million – The total amount raised in the funding round for Sprive.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sprive | Target Company | Company | A fintech app aimed at reducing mortgage repayment terms and costs for homeowners. |
| Ascension | Lead Investor | Company | The lead investor in Sprive's £5.5m funding round, supporting innovative consumer solutions. |
| Velocity Capital | Investor | Company | Participated in Sprive's funding round, investing in promising fintech solutions. |
| Two Magnolias | Investor | Company | Also invested in the funding round for Sprive. |
| Channel 4 Ventures | Investor | Company | Investment arm of Channel 4, participated in the investment round promoting consumer problem solutions. |
| Jinesh Vohra | Founder | Person | Founder of Sprive, former Goldman Sachs director, inspired to innovate in mortgage repayments. |
| Jean de Fougerolles | Managing Partner at Ascension | Person | Expressed strong belief in Sprive's ability to provide a solution to mortgage debt issues. |
| Vinay Solanki | Head at Channel 4 Ventures | Person | Advocates for solutions like Sprive within mainstream consumer problem contexts. |