UK fintech Sprive closes $7.3M round to facilitate mortgage overpayments

Most mortgage lenders would rather people didn’t pay off their mortgages early. After all, that’s that’s how they make their money. Indeed, overpayment is positively discouraged and sometimes even penalized. What if there were a solution that solved the technology behind it, alongside the financing arrangements? That’s the idea behind the Sprive fintech app. This is a “mortgage overpayment” platform aimed at the U.K. market that helps users repay their mortgages faster using automation and cash-back rewards. It claims to save users an average of £10,000 each over the lifetime of the mortgage. Sprive, which launched in October 2021, now closed a £5.5 million ($7.3 million) funding round led by Ascension, a VC that styles itself as an impact investor. Ascension has also backed mortgage startup Tembo, as well as fintech companies Wagestream, SuperFi, DebtStream, Goodstack, and Credit Kudos (which exited to Apple). Sprive said the app works by letting homeowners pay off their mortgage f ... Read full article.