The British startup Acre Software announced the attraction of investment funds for 6.5 million pounds.
This funding was received from Starling Bank sponsor Harold McPike along with returning investors Aviva and Founders Factory.
Acre Software uses blockchain technology to update the mortgage and insurance application process for consultants. This startup was created by the Founders Factory incubator in collaboration with Aviva, Acre. The company uses blockchain to combine all the constituent elements of the mortgage consulting process into one transaction record, which is not subject to change. The startup returns control over its business to brokers and offers an accelerated procedure to ordinary consumers.
Justus Brown, CEO and founder of Acre Software said that the financial turmoil of last year was a sensitive event for many home buyers, which led to an increase in the popularity of mortgage brokers. He also expressed confidence that this trend will continue in 2023.
Separately, Justus Brown noted that the startup provides brokers with the necessary tools, data, and analytics at the touch of a button. This solution helps to provide home buyers with quick and effective consultations that take into account the specifics of each case in a dynamically developing market.
Justus Brown says that the startup has been showing rapid growth since the last investment attraction for 5 million pounds, which took place in 2019. Last year, the company showed tenfold growth. Currently, the firm serves 1,300 customers and has an annual volume of mortgages, which amounts to 10 billion pounds.
Last year, the startup signed a contract with a firm providing protection, Intrinsic House, and integrated with the brokerage networks Cornerstone Finance Group and Beneficial Network and new lenders such as Santande and TSB.
The company intends to spend the attracted investment funds to activate partnership interaction with creditors and insurers. The firm is interested in expanding the list of its partners who will help brokers offer clients the most effective financial products and services.
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