Smartr365 has confirmed the cash will be reinvested in software development, which aims to go-live with plug-in technology, linked to an Application Programming Interface (API), with several of the big six lenders by the end of Q1 next year.
Fund manager Fig invests in high-growth digital companies in the early development stages and its portfolio of investments includes data verification software Mogo, EyeQuant a website optimisation tool and Scratch, an online meal service in association with Michael Roux.
The Smartr365 technology platform allows direct submission of applications to lenders, auto case updates and tracking, alongside other consumer-facing tools and technologies, automating the mortgage journey from start to finish.
Up in the clouds
The solution is cloud-based so requires no servers for end users and partners Microsoft Office 365 and the Twenty7Tec sourcing technology.
Broker users will be able to receive a decision in principle and full mortgage offer after one keyed submission due to partnerships with Mogo and property valuation firm Hometrack alongside credit scoring.
James King, business development director at Fig, said: “Conor understands the problems that Smartr365 can solve as the founder of Capricorn and has built a great team, united in their vision.”
The firm has made several investments in financial services and technologies and said it follows developments in the market and industry closely.
King added: “Smartr365 presents a market leading solution that combines the best technology available in one, easy-to-use platform. The proven track record as Capricorn’s in-house platform makes Smartr365 so attractive to brokers and to ourselves as an investment opportunity.”
Smartr365 CEO Conor Murphy (pictured) said: “We are different to every other company in the mortgage-tech space right now. Everybody else is either looking to build a new brokerage from scratch, or use technology to create a new network to run themselves.”
He said Smartr365 was a bid to create the best technology platform available in an unrestricted model to UK mortgage brokers, but is targeting networks primarily as a route to market.
Murphy added: “We see technology as an enabler and we have genuine belief in the existing broker community and their ability to deliver great advice. Our aim is simply to make today’s brokers even more efficient and successful.”