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'Robo-firm' backed by Your Move parent company wins new funding

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. 

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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.

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    LSL advisers-soon to be replaced by robots !

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