Hong Kong investment firm China Pacific Capital and a consortium have acquired stake in London fintech startup MortgageGym for $2.6 million.
MortgageGym is an FCA-authorised service that allows home buyers to complete their mortgage application online in a couple of minutes. China Pacific Capital is a Hong Kong based venture capital fund which has been investing in technology companies for over 35 years in the US, UK and China.
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MortgageGym, the world's only regulated mortgage robo-adviser, has announced the successful completion of a seed funding round of £2m ahead of its official launch this summer.
The FCA-authorised service, which is set to change the nature of mortgage advice in the UK, will allow homebuyers to complete their mortgage application online in 15 minutes through a free, hybrid advice website offering mortgage eligibility matching within 60 seconds, regulated robo-advice and access to live advisors.
MortgageGym has raised over £1.3m in cash and the balance in technology development finance through deals with three seasoned fintech investors;
Gaby Salem, of Wharton Asset Management, a London-based private family office with a diversified private equity and venture capital portfolio with investments in infrastructure, energy, technology, consumer goods and biotechnology.
China Pacific Capital, a Hong Kong based venture capital fund which has been successfully investing in technology companies for over 35 years in the US, UK and China including the first Chinese internet company to be listed on NASDAQ.
Trifecta Capital, a venture capital firm specialising in providing structured finance to develop emerging technology and business process outsourcing.
Following the success of this seed funding round, MortgageGym expects to announce its strategic distribution partnerships within the next three months.
John Ingram, CEO and founder of MortgageGym, said: "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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