Sprive secures £5.5m in funding led by Ascension to expand its mortgage overpayment application.
The investment round was led by Ascension with backing from Channel4Ventures, Velocity Capital, and TwoMagnolias.
Sprive operates a mortgage overpayment application that helps British homeowners reduce household debt and clear their mortgages faster. The platform uses smart automation and everyday shopping rewards to direct extra funds toward mortgage balances.
Sprive has secured £5.5m in a funding round led by Ascension, with participation from Channel4Ventures, Velocity Capital, and TwoMagnolias. The fresh capital will enable the independent mortgage overpayment app to expand beyond its initial word-of-mouth growth strategy by utilizing television and streaming advertising.
The investment arrives as UK household debt climbs to significant levels, with millions of mortgages extending past retirement age. Sprive aims to alleviate this burden by empowering consumers to automate overpayments and find competitive mortgage deals.
Despite a challenging investment environment for digital mortgage ventures, Sprive continues to gain traction in the financial sector, having recently joined NatWest's inaugural fintech growth programme.
From the founder
"Sprive is set to have a huge positive impact on our customer’s finances, as our average user is already on track to slash three years off their mortgage term, collectively saving our users more than £100 million in interest alone. 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."
Jinesh Vohra
CEO at Sprive
Investor perspective
"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 DD process, I’ve become a heavy user, taking money off my mortgage with every shop!"
Jean de Fougerolles
Managing Partner, Ascension
Use of funds
- 01Accelerate go-to-market
Investors
Jean de Fougerolles
Ascension
Vinay Solanki
Channel 4 Ventures
Rajeev Saxena
Velocity Capital
Two Magnolias
