A new ‘robo-adviser’ mortgage service which is backed by LSL Property Services has won another £3.8m in funding from investors.
Robo-advisers provide digital financial advice based on mathematical rules or algorithms without the need for a human to supervise; the software algorithms automatically allocate, manage and optimise financial positions for clients.
MortgageGym, which is an FCA-regulated mortgage firm, is backed by LSL (parent company of Your Move, Reeds Rains and other agencies) and is also extensively backed by comparison service GoCompare.
In addition, MortgageGym has entered into a strategic partnership agreement with LSL’s mortgage broker networks which, at the end of 2017, had some 2,298 mortgage advisers and arranged £21 billion of lending over the year.
“We have carefully chosen investors that not only bring funds, but invaluable, symbiotic business models and expertise. As a result, we do not need to invest in costly customer acquisition or building a broker-base. This places us in a much stronger position than our peers as it allows us to invest the new capital in improving our technology – thereby improving customers’ choices” says John Ingram, co-founder of MortgageGym.