Ritchotte, who has 24 years’ investment banking and finance experience, has invested £500,000 in MortgageGym, which has yet to launch.
He previously held the role of ‘head of digital bank’ at Deutsche, having been chief operating officer and head of global markets, among a raft of other titles, since joining the bank in 1995. Since leaving Deutsche this year he has been investing in technological and regulatory business ‘disruptors’.
John Ingram, founder and CEO of MortgageGym, said: “We are delighted to have someone of Henry’s experience on board in an advisory capacity. He brings a wealth of digital expertise and experience from his work at Deutsche Bank. He is hugely respected and will be a valuable addition to the company.
“MortgageGym is intent on revolutionising the mortgage market through a completely digital, whole-of-market, free and accurate application process, which is a first of its kind. Henry’s investment into the business confirms his confidence in MortgageGym’s ability to achieve this goal.”
The business was formed in 2016 by entrepreneurs John Ingram and David Vertannes. It was authorised by the FCA in February 2017 and is due to launch to the public this summer.
Ritchotte added: “I am very excited to be joining MortgageGym ahead of its official launch this summer when it will, no doubt, revolutionise the mortgage market with the introduction of the first, digital mortgage marketplace for UK consumers.”
MortgageGym has partnered Experian, the global information services group, and is fully integrated with users’ credit files and the credit risk scorecards of leading mortgage lenders in the UK, which it uses to provide live eligibility matching and mortgage affordability advice.
The service also claims to be the world’s first digital mortgage community, which empowers brokers to acquire customers independently, operate a paperless business and remain MMR-compliant through a professional portal called MortgageGym Pro.
The service will offer mortgages for first-time buyers, homemovers and remortgages with access to prime and non-prime products. Buy to let has not yet been integrated into the software.