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Mortgage Broker Online Trussle Raises £ 13.6m Series B

Trussle, the online mortgage broker in the UK that is most directly competing with Habito, backed by Atomico, closed a $ 13.6 million Series B financing.

Notably, the turn is led by Goldman Sachs Principal Strategic Investments – a division of Goldman Sachs – and Propel Venture Partners, a fund backed by the European banking giant BBVA.

In addition, a number of other investors also participated, including Finch Capital, who led the Trussle Series A and Seedcamp fundraiser, which supported the start-up of fintech as early as the beginning

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Launched in 2016, Trussle is evolving the entire online mortgage process, bringing with it the necessary transparency. An aspect to this – powered by the data that it accumulates and machine learning – makes it infinitely easier to "pass" the mortgage when a better offer or a lower interest rate becomes available. The same technology-driven approach is used for those seeking to find and apply for a new or first mortgage.

In a brief call this morning, Trussle co-founder and CEO, Ishaan Malhi, said the new capital will be used to further develop the company, noting that the Trussle team is has grown from 14 to 70 since its A series In February 2017, a significant portion of these products is in development, as the start of FinTech goes from what Malhi describes as a transactional proposition – where customers use Trussle when subscribing to Mortgage – at a "life proposal" they start first thinking about owning their own home, and then throughout their funded property.

For example, he directed me to Trussle's mortgage monitoring service, which was launched last year. It constantly monitors the market and alerts you when you can save money by switching to another market.

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However, the longer-term vision – and presumably part of what attracted investors – is to make more value based on the data that Trussle captures. This might include telling you when it can be beneficial to overpay and give you an easy-to-understand dashboard that clearly shows where you are in the refund process.

More broadly, Trussle wants to play a major role and make home ownership a reality for many for whom is it becoming increasingly prohibitive (think: Generation Rent). To do this, it does not exclude partnerships with other Fintech startups aligned with this same mission.

adds Malhi in a statement: "The support of two prolific and world-renowned Fintech investors recognizes the remarkable progress we have made, but also the magnitude of our ambition." The funding will allow us to invest Significantly in the building of our brand and product, but fundamentally, we will accelerate toward our vision of digitizing the journey from end to end to make home ownership more affordable and accessible to all. "