A pre-money valuation is the value of a company before it goes public or receives external investments.
Now in it’s fourth round of funding, Smartr365 confirmed that it has received over £10m to date, but did not disclose how much Legal and General invested.
The FinTech company is committed to driving the digitalisation of the UK mortgage market.
As part of this goal, it intends to use the extra funding to hire new partners and integrate Experian’s Work Report tool, which will allow users to access pay slips at source and deliver an automated income verification process for the first time. Smartr365 has been using Experian’s open banking and credit referencing services since December 2021.
Founded in 2017, the company saw early stage investment from NewModel VC and three rounds of investments from L&G. It currently has 3,500 broker clients, following growth of more than 500 per cent in 2021. It is hoping to welcome its 8000th user by the end of the year.
Conor Murphy, founder and CEO of Smartr365 and Capricorn Financial Consultancy, (pictured) said: “We have always believed that a fully automated customer journey is the future of the industry and our services are helping brokers, introducers, lenders and buyers.
“This latest investment demonstrates our strong position in the market and will propel our growth. The combined expertise and impact that Smartr365 and Legal and General have make this investment a strong strategic fit, and we are excited to integrate further capabilities into our market-leading platform.
David Lundholm, non-executive director of Smartr365 and director, new income streams of Legal and General said: “The UK mortgage market needs further innovation and transformation to benefit borrowers, brokers and lenders. We are delighted to demonstrate our continued support for Conor and the team with our additional investment.”
