The investment includes funding from a new investor, the Dutch-based Rabo Frontier Ventures (RFV), alongside existing investors, Goldman Sachs Merchant Banking Division, Finch Capital and San Francisco-based Propel Venture partners.
Rabo Frontier Ventures, an €150m investment fund of Rabobank, has a global focus on innovative fintech and agricultural (agtech) companies.
Harrie Vollaard, head of Rabo Frontier Ventures, said: “The slow moving and complex mortgage market is one of the biggest pain points of owning a home.
“We’re looking forward to working closely with Trussle on the next phase of their journey to redesign the mortgage application process, as well as additional services to better support their customers through the home ownership journey.”
Since 2016, Trussle has attracted £26.7m in funding, including a £13.5m investment which saw Goldman Sachs acquire a stake in the online broker.
Structure change
The business has seen a reshuffling of its senior team, following the departure of its co-founding CEO Ishaan Malhi in January leaving Jonathan Galore as the remaining founder. It also appointed Todd Zino as its chief technology officer in November and Simon Williams as the chairman last April.
Trussle did not confirm whether Malhi’s resignation had anything to do with the funding round.
“Owning a home should bring stability and freedom. Unfortunately, the reality is that finding a mortgage often creates stress, inconvenience and unfair treatment.
“Our business is at a pivotal stage in its journey and this new funding will enable us to accelerate our progress, especially through investment in our technology, to make the mortgage process quicker, easier and more transparent,” said Williams.
Rana Yared, managing director of Goldman Sachs Merchant Banking Division, added: “We are delighted to continue to support Trussle. We believe the company is at the forefront of improving the UK mortgage experience.”
