Channel 4’s investment arm gives £3m backing to UK fintech Sprive
Channel 4 has entered the fintech realm after its investment arm participated in a funding round that topped £5.5m.
Channel 4 Ventures injected £3m into mortgage overpayment app Sprive, in a fundraiser led by venture capital firm Ascension.
The funding aims to assist the early-stage consumer fintech’s in fulfilling its mission to help millions repay their mortgage faster.
Vinay Solanki, head of Channel4 Ventures, told City AM the “dopamine hit” users feel from the app’s experience is “better than a game of Candy Crush”.
Sprive uses AI and smart automation to drive “effortless overpayments” and allow users to earn cashback rewards on everyday shopping.
Solanki added Channel4 Ventures “can help companies like Sprive accelerate a lot quicker and via a strong but passive, ultimately, shareholder in the business.
“It’s great commercial value creation for Channel Four, but also hopefully improving society.
“Those big problems I talk about, they’re bigger groups. Those are bigger groups, bigger problems than the current needs of the affluent.”
Sprive ‘tackles a sector that no one else is’
Sprive’s chief executive Jinesh Vohra said he created the fintech after overpaying his own mortgage gave him the financial freedom to not be constrained by interest rates.
Now, Jinesh works with the “straightforward mission” to “help people globally live with less debt by starting with UK mortgages.”
The company boss told City AM: “We’re not like the typical fintech. We’ve done a lot with very little capital, and that kind of puts us apart.”
He added: “We’re tackling a sector that no one else is… The only players in the market who are doing anything innovative, from a consumer standpoint, is actually us.”
Jinesh said forming “emotional trust” with consumers was Sprive’s key model for success.
“How many apps can help customers save £34,000 in interest? Knock 10 years off their mortgage like that.
“If you can do that for the customer and you help them manage debt and spending, then I feel like the potential of what we can do beyond that is just so high.”
Channel 4 launched its investment initiative, Untapped, last year gearing towards “overlooked” start-ups and providing advertising opportunities in exchange for equity.
The arm invests in consumer companies from post-seed to pre-IPO stages.
It has completed over 50 deals, backing companies such as what3words, Oddbox, Purplebricks, Pinterest, Crowdcube, Carwow, Raylo and Swyft.
Sprive was one of five firms selected by FTSE 100 giant Natwest to join its fintech growth programme in February 2025.