Two up-and-coming fintech startups are joining forces to offer mortgages via a mobile banking app.
Revolut, one of the latest crop of challenger banks, will offer mortgage services from Trussle, a proptech startup backed by Zoopla which uses artificial intelligence to advise on the right mortgage.
The money transfer startup turned challenger bank will offer its users access to the online mortgage broker, including ongoing monitoring that can alert homeowners when it's better to switch to a new deal.
“This partnership is yet another example of Revolut offering a real alternative to traditional banks, and we’re delighted to partner with Trussle to provide our users across the UK with a pain-free way to find, secure and manage their mortgage," said chief executive and founder of 18-month-old Revolut Nikolay Storonsky.
It's the latest tie-up for the startup after partnering with peer-to-peer firm Lending Works for loans, and plans more in future in areas such as savings accounts and travel insurance. The startup also revealed its plans to make money with an Amazon Prime-style subscription service as it embarks on fresh funding to fuel "aggressive" growth plans.
Tie-ups between fintech startups have been eyed as one of the ways they can take on big banks, with the ability to offer a range of services, such as loans and money transfers, to customers but without the need to expand too much and stretch themselves beyond being an agile startup.
Fellow challenger bank Starling last month partnered with fintech unicorn Transferwise to offer its users money transfer services when it launches.
Trussle is one of several new startups to emerge helping to make hunting for and applying for mortgages easier. In February it landed £4.5m in fresh investment from Orange Growth Capital and existing investors LocalGlobe, Seedcamp and Zoopla which also offers the service via its website. Trussle also revealed it now has £1bn worth of mortgages under management since launching in 2015.