A new fintech mortgage platform has secured £5m seed funding from Aviva and Sesame Bankhall in a bid to transform the market.
Acre – a next-generation mortgage and insurance platform – has announced £5m seed funding from insurance giant Aviva and financial advisor Sesame Bankhall Group (SBG).
The platform uses blockchain to pull together the many moving parts of the mortgage application process.
The company said it would enable mortgage brokers to match market disruptors and hoped SBG would provide “distribution muscle” to grow the business.
Acre founder Justus Brown said: “Buying a house is one of the biggest financial transactions a person can make, yet the process is slow, opaque and fragmented, which is increasingly out of step with consumer expectations.
He added: “We’re changing this – levelling the playing field for brokers using innovative tech, while putting an informed consumer at the centre of the mortgage process.”
Aviva Ventures managing director Ben Luckett said: "Acre is a fantastic example of the kind of fintech business we want to help nurture.
"They have identified a market which could be improved through technology and they’ve gone for it by securing a very large distribution partner, which is often the missing ingredient for success."