The company said that the funding will be used to invest in its platform, continue its rapid customer growth and digitise the homebuying journey.
Acre said it plans to roll out new partnerships with lenders and insurers, which it said will help brokers recommend and apply for the “right financial products and services as efficiently as possible”.
It continued that in order to revolutionise the homebuying process client data and identity should be entered and verified once and shared across the whole homebuying process.
The funding follows a successful year for the firm, where the platform grew to 1,300 users, which the company said represented over £10bn in annual mortgage volume. It added that this was a tenfold growth from the prior year.
The platform has signed its first protection-only firm Intrinsic House and onboarded several networks including Cornerstone Finance Group and Beneficial Network. It has also integrated with five lenders, including Santander and TSB.
The fundraise builds on a £5m fundraise in 2019, which was led by Aviva and Sesame Bankhall and follows on from its ‘spin-out’ from Founders Factory’s venture studio.
‘The future of a tech-led mortgage market’
Justus Brown (pictured), CEO and founder of Acre, said: “We pride ourselves on being at the forefront of innovation in financial advice, delivering a new, modern approach that simplifies the advice journey for brokers and delivers on the needs of clients.
“This latest fundraise demonstrates our strength and commitment to the market and supercharges our ambitions as the tech platform of choice for brokers.”
He added: “For many homebuyers, the financial turmoil of last year led to a greater appreciation of mortgage brokers and this trend is continuing into 2023.
“We give brokers the right tools, data and insight at the click of a button, so that they can excel at delivering speedy, efficient advice that meets the individual requirements of each case in a dynamic market.”
Ant Barker, head of venture investments and partnerships at Aviva, added: “Acre represents the future of a tech-led mortgage market. Aviva Ventures are delighted to continue to support Justus and his team on Acre’s journey to deliver much needed tech innovation that benefits homebuyers, brokers and lenders”
Drew Colaiezzi, private investments manager with MGFO, continued: “We are excited to further our partnerships with Founders Factory and Aviva, and believe Acre is truly an all-encompassing innovative platform that is ripe to take advantage of the quickly evolving UK mortgage market.
“Justus is a phenomenal operator and has positioned Acre to scale rapidly while demonstrating its significant market disruption capabilities. Grateful for the opportunity to be a part of leading the charge in the technology revolution within the UK mortgage market.”
