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GoCompare becomes 3rd largest investor

  • 11/07/2017
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GoCompare becomes 3rd largest investor, the yet-to-launch digital adviser, has confirmed GoCompare as its third biggest investor, after securing £2.5m from four other investors including Deutsche Bank.

MortgageGym previously announced investments worth £2.5m from technology investors Gaby Salem, China Pacific Capital, Trifecta Capital, and former Deutsche Bank Chief Operating Officer, Henry Ritchotte.

The digital adviser would not confirm the investment amount or nature of the GoCompare partnership.

MortgageGym, which plans to launch in September 2017, offers ‘eligibility matching’ or product matching through a free, digital mortgage marketplace, with regulated robo-advice and access to live advisers.

MortgageGym, in partnership with GoCompare and Experian, said it will ‘transform the UK’s out-of-date mortgage application process.’

John Ingram, founder and CEO of MortgageGym, said: “There is an overdue need for an end-to-end digital solution to change the distribution landscape of the UK’s mortgage market. This significant commitment from GoCompare ensures that MortgageGym will be able to drive that transformation with one of the UK’s leading financial services comparison websites.

“GoCompare has brought transparency for consumers when researching other financial services products. Consumers deserve that same transparency, ease and clarity in accessing mortgages. MortgageGym does just that in real-time, by matching consumers with lenders and products that they can afford.”

Matthew Crummack, CEO of GoCompare, said: “We are thrilled to announce this investment in MortgageGym who, like us, put consumers’ needs at the heart of everything that they do.

“The mortgage industry in the UK is one of the last bastions of financial services to be disrupted by a digital solution. We look forward to being able to offer our customers transparent and rapid access to mortgage advice through our partnership with MortgageGym.”

In early July, Henry Ritchotte, former chief operating officer and Deutsche Bank management board member joined the firm as an investor and consultant. Ritchotte, who has 24 years’ investment banking and finance experience, has invested £500,000 in MortgageGym.

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