This follows an initial seed funding round of £2.5m in 2017 and a partnership with fintech firm GoCompare Group that has also increased its shareholding as part of this investment round.
MortgageGym is valued at £12m despite only having fully launched its proposition earlier this year and the funding will enable ongoing investment in the company’s development of automated mortgage advice and artificial intelligence services.
The investment round included the obtaining of FCA approval and the promotion of Jeremy Moll to managing director from chief commercial officer.
Moll has more than 28 years of experience in the UK mortgage and insurance industries. He was part of the senior team that created CompareTheMarket.com and latterly BeagleStreet.com.
Symbiotic business models
Regulated by the Financial Conduct Authority, MortgageGym offers a free 60-second mortgage-matcher and mortgage advice, which includes full integration with Experian credit files and mortgage lenders’ live scorecards.
John Ingram, co-founder of MortgageGym, said the funding round and strategic partnerships put the firm in a strong position.
He added: “We have carefully chosen investors that not only bring funds, but invaluable, symbiotic business models and expertise. As a result, we do not need to invest in costly customer acquisition or building a broker-base.
“This places us in a much stronger position than our peers as it allows us to invest the new capital in improving our technology – thereby improving customers’ choices.
“We are thrilled that the business will benefit from the new investment and we are delighted that Jeremy has been promoted to the company’s managing director during this exciting time.”