Smartr365, the UK’s leading end-to-end mortgage platform, has today announced further funding from investors, alongside a pre-money valuation of £50m. Legal & General, one of the UK’s leading financial services groups and a major global investor, has provided additional funds, having supported the business since 2018.
Smartr365 currently has 3,500 broker clients, following growth of more than 500% in 2021, and is forecast to welcome its 8000th user by the end of the year. This investment represents a vote of confidence in this growth ambition by businesses that share Smartr365’s commitment to driving the digitalisation of the UK mortgage market.
Following this round of investment, Smartr365 will onboard new partners and integrate Experian’s Work Report tool, which will allow users to access pay slips at source and deliver an automated income verification process for the first time. This follows Smartr365’s integration of Experian’s open banking and credit referencing services in December 2021. The move also marks significant progress towards the fully digital and customer-led mortgage journey that Smartr365 has championed since its inception in 2017.
Today’s announcement follows a recent event hosted by Smartr365 and Sesame Bankhall Group to discuss the firms’ latest partnership and vision for the mortgage journey of the future. The event was attended by Legal & General and several other major UK lenders, including Barclays, Nationwide Building Society and Lloyds Banking Group.
Conor Murphy, Founder and CEO, Smartr365 and Capricorn Financial Consultancy, said:
“This is an exciting time for Smartr365, with this latest investment demonstrating our strong position in the market and propelling our continued fast growth. The combined expertise and market impact that Smartr365 and Legal & General have make this investment a strong strategic fit, and we are excited to integrate further capabilities into our market-leading platform. Together, our services are continuing to revolutionise the market for brokers, introducers, lenders and buyers. We have always believed that a fully automated customer journey is the future of the industry and I am delighted that we have been able to turn this vision into reality.”
David Lundholm, Non-Executive Director, Smartr365 and Director, New Income Streams, Legal & General said:
“Legal & General believes that the UK mortgage market needs further innovation and transformation to benefit borrowers, brokers and lenders. We are delighted to demonstrate our continued support for Conor and the team with additional investment.”