7 years ago

MoloFinance Raises £3.7M Seed Funding for Fully Digital Mortgage Solution

  • MoloFinance, a London-based fintech, has secured £3.7 million in seed funding led by Ubon Partners, a Nordic fund specializing in financial services

  • This funding will be used to launch the company's first product release later this summer

  • MoloFinance aims to provide a fully digital and near-instant mortgage solution, initially targeting 'Buy to Let' mortgages

  • The company emphasizes the need for a more convenient and efficient mortgage process, contrasting it with the current paper-based system

  • Once FCA approved, MoloFinance plans to offer residential mortgages as well

  • The startup will take a small share of the interest earned from customer mortgages, leaving the majority for its funding partners and avoiding unnecessary fees for customers.

      • ProblemFinancial Services

      "Getting a mortgage in the UK is a time-consuming and frustrating process, relying on outdated practices and paper-based systems. It takes 4-6 weeks to get a mortgage, which is a much longer time than it takes to open a current account online. This is unnecessary as technology already exists to make the process quicker, easier, and cheaper."

      Solution

      "MoloFinance is building a fully digital mortgage solution that automates most decisions, sources information digitally, and uses a transparent 'robo-advisor' to put the customer's interests first. This results in a faster, easier, and more affordable mortgage experience."

      Covered on