The UK fintech company has created its free-to-consumer product to help borrowers access cross-border mortgages.
The platform allows borrowers to use their financial history from their home country to secure international offers.
In response to rising demand from consumers amid changing post-pandemic work patterns, consumers are now able to buy a property abroad using their home country income and credit score.
The platform allows consumers to compare and secure mortgage offers in Spain, Portugal, Italy, the UK, the US and Australia – all remotely.
Upscore is also expanding into a further six markets by 2025, including France, Greece and Mexico.
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Backed by the former managing director of Equifax UK as well as other prominent UK entrepreneurs, Upscore has secured regulatory licences from the Financial Conduct Authority (FCA) and the Bank of Spain, paving the path for further expansion.
Moving countries
Marcelo Barreneche, co-founder and chief executive, said: “When moving countries, I realised how difficult it was to use your existing financial profile. With Upscore’s Finance Passport, we are solving this problem.
“There’s significant interest, especially post-Covid, with remote work trends fuelling the demand from users with an international footprint.
“As an example, non-resident mortgages now account for 20% of all annual mortgages in Spain.
“We’re looking forward to changing the lives of thousands of consumers.”
Upscore currently originates more than £2m in mortgages every month, aiming to reach £100m in 2025.
It explains that its growth taps into a global market, from remote workers to retirees and returning expats.
The company says it is modernising mortgage brokerage with a streamlined, digital solution.
