The funding round also had participation from Channel 4 Ventures, the broadcaster’s consumer investment arm, Velocity Capital, and Two Magnolias.
Sprive said the investment would “supercharge” its “ongoing mission to help homeowners in Britain repay their mortgages faster, helping to reduce household debt just as it hits an all-time high”.
The app aims to help homeowners reduce interest costs and pay off their mortgages faster. It uses artificial intelligence (AI) and smart automation to help with overpayment and allows users to earn cashback rewards on everyday shopping, which go directly toward their mortgage.
The firm was recently selected as one of five fintechs to join NatWest’s inaugural fintech growth programme.
Jinesh Vohra, CEO of Sprive, said: “Sprive is set to have a huge positive impact on our customers’ finances, as our average user is already on track to slash three years off their mortgage term, collectively saving our users more than £100m in interest alone.
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“We’re proud to offer the fastest way to financial freedom for the homeowner and we’re determined to help as many as possible achieve it.”
Jean de Fougerolles, Ascension’s managing partner, said: “We’re thrilled to back Sprive in its mission to help homeowners take control of their finances. With mortgage debt becoming an entrenched issue, Sprive’s approach offers a tangible solution to a growing problem. Since downloading the app as part of our due diligence process, I’ve become a heavy user, taking money off my mortgage with every shop.”
Vinay Solanki, head of Channel 4 Ventures, continued: “Our Untapped strategy is about finding solutions to mainstream consumer problems, the great problems that exist in society, and in our view, there’s no reason why every single residential mortgage holder in the UK should not be using Sprive.”
Rajeev Saxena, CEO of Velocity Capital, added: “Velocity is passionate about investing in companies that genuinely fulfil a consumer need. Sprive does this without question and will truly disrupt the mortgage market and beyond to the benefit of the homeowner.”
