The round was led by existing investors Allianz X, Augmentum Fintech, with new funders Volution, Love Ventures and Cur8 Capital also contributing.
According to Crunchbase, the firm has received around three funding rounds and raised around £13.1m.
The company said the funding would be used to “provide cash runway to break even point” as Wayhome “continues to disrupt the conventional home buying space with their unique gradual homeownership model”.
Wayhome said part of the strategy will be to forge more partnerships with mortgage brokers and lenders in the upcoming months to fuel its growth and expansion.
The company said it boasts an annual rate of £100m deployed in the customer property purchases and the funding will help double this figure in the next year.
Nigel Purves, CEO of Wayhome said: “We are delighted to continue to be in partnership with such eminent investors as Allianz X and Augmentum and to be working with game-changing new investors too.
“Due to the way that the gradual homeownership model works, the rising interest rates seen since September’s controversial mini Budget have delivered even greater demand for our product.
“With the recent ending of the Help to Buy scheme there are now hundreds of thousands of would-be homeowners seeking alternative ways to access the property ladder.”
He said the raise would “fuel our ambitions to double the pace at which we can help new homeowners within 12 months”.
“Homebuying has been somewhat traditional for centuries. Our alternative is the best of all worlds as a part buy, part rent proposition that allows our customer to buy their ideal home, in their ideal location, today without waiting for years,” Purves noted.
Johannes Walder of Allianz X added: “It’s never been harder to buy a home, but Wayhome is shifting the paradigm with its business model. It is a prime example of creating positive social impact whilst also delivering returns.”
Tim Levene, CEO of Augmentum Fintech, continued: “As an early supporter of Wayhome, Augmentum has long believed in the huge potential of gradual homeownership in the UK market.
“The traction achieved by the team since launching in September 2021 has validated the technology platform and business model, as well as the scale of the opportunity ahead. With the closing of this round Wayhome enter their next phase of growth, remaining on track to become a category-defining company in European Fintech.”
