You are here: Home - News -

Dynamo makes digital brokers redundant as Countrywide ‘integrates’ technology – exclusive

by:
  • 09/10/2018
  • 0
Countrywide has confirmed plans to ‘integrate’ digital broker Dynamo, which it developed in partnership with Blenheim Chalcot, into Countrywide’s Financial Services business, with its employed advisers reportedly looking for other jobs.

 

 

Mortgage Solutions understands Dynamo’s broker staff have been made redundant within the last fortnight, with several approaching other London-based digital advisers, including Habito, for work.

The property giant confirmed the digital broker, co-founded by Dan Cobley, former head of Google in the UK and Ireland, is ‘on track to be integrated into the business’.

Countrywide was unwilling to confirm further details about its broker staff or next steps for management including CEO Sebastian McDermott and COO Jenny Watts.

 

Digital strategy

Countrywide said it will continue to work alongside its partners Blenheim Chalcot in building fintech solutions for Countrywide and the financial services market.

Peter Curran, financial services managing director said: “It was always the plan to create a digital mortgage journey for our customers to give them multiple ways to decide how best we can help them with their key mortgage and protection decisions. Dynamo complements our existing financial services business model and provides a truly multi-channel proposition for Countrywide’s customers.”

Dan Cobley, managing partner for fintech at Blenheim Chalcot said: “We are delighted that Countrywide has decided to integrate Dynamo more deeply into its financial services business, and look forward to building further solutions that will improve how the mortgage journey works for consumers, brokers, aggregators and lenders.”

Countrywide’s Financial Services division completed over £15bn of mortgages through its estate agency-based brokers last year.

 

The startup vision

Dynamo launched in April this year in a partnership between the property giant and Blenheim Chalcot and employed nine brokers at its office at One Hammersmith in London. The remortgage-only broker launched on a platform of ‘cutting edge technology’ and free mortgage advice.

Digital brokers can struggle to attract sufficient leads and revenue to support the standalone business model without substantial external investment. Digital adviser Dwell was forced to pivot from consumer-facing services to B2B technology provider, offering its software to other mortgage industry distributors.

By September 2017, digital broker Habito had raised a total of £27m in venture capital funding deals and Trussle closed £13.6m in Series B funding in May this year.

 

 

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Average mortgage rates fall for first time since November base rate rise – Moneyfacts

The average two-year fixed rate has fallen by 0.04% in one month, data has shown.

Close