Fintech firm Trussle secures £13.6m from international investors

Online mortgage broker Trussle has secured £13.6m in Series B funding from a group of international investors.

US investment bank Goldman Sachs and San Francisco-based Propel Venture Partners led the round, which drew participation from previous backers Finch Capital and Seedcamp.

London-based Trussle has grown since its last funding round in February 2017 from a team of 14 to more than 70 employees. The company was founded in 2016.

Last year, Trussle launched the first continuous mortgage monitoring service, which constantly monitors the market and alerts customers when money could be saved by switching.

Its aim is to reduce the £10bn that homeowners waste every year by being on the wrong deal.

Trussle is now calling for the Government to introduce a Mortgage Switch Guarantee – new industry measures to offer customers more protection when it comes to switching.

Ishaan Malhi, the firm’s CEO and founder, said: “Since launching two years ago, we’ve worked tirelessly to create a better mortgage experience for consumers.

“One that respects their time, wallet and aspirations. Every year millions of existing and aspiring homeowners are failed by the industry’s shortcomings and we exist to fix that.”

He continued: “The backing from two prolific and globally renowned FinTech investors recognises the brilliant progress we’ve made, but also the scale of our ambition.

“The funding will enable us to invest significantly in building our brand and our product but fundamentally, will accelerate us towards our vision of digitising the end-to-end journey to make home ownership more affordable and accessible to all.”

Goldman Sachs MD Philip Aldis commented: “Trussle is at the forefront of revolutionising the UK mortgage market, making it more efficient and convenient for consumers to find the right mortgage. We look forward to supporting the company’s ambitious growth plans.”

Propel partner Rohit Bodas said of the deal: “Propel is excited to back Trussle in providing a transparent and streamlined mortgage process that ensures each borrower has the right product for their individual needs over the long term.”