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Trussle attracts £4.5m from investors

  • 01/02/2017
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Trussle attracts £4.5m from investors
The first online mortgage broker to launch Trussle has announced that it has received £4.5m backing from a clutch of fintech investors.

The latest funding round was led by Orange Growth Capital, a European and Asian fintech venture capital firm, which has previously backed peer-to-peer lender Zopa and insurance broker Knip.

Further investment came from LocalGlobe, Zoopla and Seedcamp – who previously invested in the firm back in February last year – as well as angel investors Ed Wray, co-founder of Betfair, and Ian Hogarth, co-founder of Songkick.

Trussle said that the money would go towards further growth of the firm, which has just reached £1bn of mortgages under management. It claims its partnership with property portal Zoopla is driving an average of £5m worth of mortgage enquiries every day. It has further partnerships with comparison site uSwitch, online estate agent HouseSimple and credit firm Noddle.

Ishaan Malhi, chief executive officer and founder of Trussle, said that the investment was “validation” that borrowers wanted a more comprehensive online service, and pointed to the fact that other brokers are now putting greater weight on their use of technology.

He added:  “Finding a mortgage has been a time-consuming, inconvenient, and frankly antiquated process for too long.

“So far we’ve helped thousands of homeowners reduce their mortgage payments by switching to the right deal. With the help of this further funding round, we’ll be able to help thousands more dust off their mortgage statements, get online, and discover what they could be saving.”

Radboud Vlaar, partner and founder of Orange Growth Capital, will join the Trussle board following the investment.

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