UK-based fintech startup Sprive has successfully closed a £5.5 million ($7.3 million) funding round aimed at helping homeowners repay their mortgages faster through automated overpayment processes and nuanced cashback rewards. The Series round was led by Ascension, a venture capital firm with a focus on impact investing, and saw participation from Channel4Ventures (the investment arm linked to UK broadcaster Channel4), Velocity Capital, and Two Magnolias.
Since launching in October 2021, the Sprive app has targeted the UK mortgage market with an innovative approach that promises users substantial savings, claiming homeowners could save an average of £10,000 over the lifetime of their mortgage by facilitating mortgage overpayments.
Traditionally, mortgage lenders discourage early repayment, often imposing restrictions or penalties for overpayments as such practices reduce their profit potential from interest. Sprive sets out to challenge this model by encouraging homeowners to effortlessly reduce their mortgage balances. The platform leverages the everyday spending habits of its users, automatically taking spare cash or cashback rewards from routine shopping and redirecting it as additional repayments against their mortgage.
In addition, Sprive continuously tracks market conditions to locate improved mortgage deals, recommending refinancing opportunities to its users. Connectivity to users’ bank accounts, shopping habits, credit profiles, and property information provides Sprive with detailed insights, enabling it to offer streamlined and highly personalized mortgage solutions.
CEO Jinesh Vohra explained the key advantage of Sprive, highlighting that while traditional lenders rely heavily on mortgage advisers—an expensive, fragmented, and largely non-digital channel—the startup provides lenders a fully digital and more cost-efficient method of attracting new customers. “Every time someone shops or refinances through our app, we earn revenue,” Vohra added, emphasizing the app’s ability to quickly deliver real financial benefits to users. “Within just 15 minutes of typical shopping, people begin receiving funds earmarked directly toward their mortgage.”
The funding round positions Sprive to further its growth ambitions in the UK financial ecosystem, building on partnerships and expanding product capabilities designed to help consumers significantly accelerate their path to mortgage freedom.
