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World's only regulated mortgage roboadviser closes £2m seed funding

An FCA-authorised mortgage robo-adviser, which claims to be the first anywhere in the world, has closed a £2m seed funding round ahead of its official launch this summer.

London-based MortgageGym has secured the investment from a line-up of three FinTech investors, including Gaby Salem of private family office Wharton Asset Management; Hong Kong-based VC China Pacific Capital, and Trifecta Capital.

The startup is developing its own mortgage advice and eligibility website, utilising the robo-adviser approach to contract the amount of time it takes for a consumer to apply for a mortgage down to just 15 minutes.

Its mortgage eligibility matching platform claims to provide results in just 60 seconds, with the startup working to secure strategic partnerships with a range of mortgage providers which it hopes to reveal in the next three months.

John Ingram, Chief Executive Officer and founder of MortgageGym, commented: “We are thrilled to have secured such a significant vote of confidence in MortgageGym’s proposition from well-respected investors

“MortgageGym is committed to revolutionising the mortgage market through a whole-of-market, digital, free and accurate application process, which is the first of its kind.

“We will provide mortgage applicants with peace of mind by advising them on mortgages they can realistically attain based on the strict affordability grounds laid out in the FCA’s Mortgage Market Review.”

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