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Stuart and Richard, co-founders of M:QUBE.
Rebecca Wayman

Financial services duo bag £5m launching latest platform in UK mortgage lending

Fintech mortgage lender startup M:QUBE has launched in the UK.

The platform has secured £5m in seed funding to support its mission of transforming the UK mortgage market. In what was an oversubscribed round, M:QUBE is now backed by VCs including AV8 Ventures, IQ Capital and JamJar Investments.

In addition to the £5m in operating capital recently secured, M:QUBE will partner with a select number of financial institutions, who will supply the debt capital used to issue mortgages.

The business will work through mortgage brokers, using its partnerships with lenders, investment banks and asset managers to offer ‘competitive’ products.

M:QUBE has digitised and automated the process of applying for a mortgage, using data, deep learning and technology.

M:QUBE’s technology also aims to enable brokers to verify the accuracy of customer data before applications are submitted, preventing delays in the application process.

Founded in 2017 by financial services executives Stuart Cheetham (Lloyds, Prudential) and Richard Fitch (Halifax, Credit Agricole), M:QUBE mortgages will be available exclusively through intermediaries.

For mortgage intermediaries, M:QUBE enhance certainty of outcome, providing decisions in almost real-time and requiring only a fraction of the administrative tasks typically involved (M:QUBE supports paperless applications).

Stuart Cheetham, M:QUBE’s co-founder and CEO, said: “The UK mortgage market is one of the very few sectors in which consumers are yet to seriously benefit from advances in technology.

“We have built a technology platform that will lead to better outcomes across the eco-system, in particular for borrowers and mortgage intermediaries.

“M:QUBE has the power to transform this largely un-innovated market for the benefit of all key stakeholders and improve returns for banks, building societies and institutional investors in the process.”

Working alongside the company’s co-founders is a senior management team including executives from Visa, Experian, Gain Capital and a co-founder of Starling Bank.

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