Fintech company receives new funding
End-to-end mortgage platform Smartr365 has announced that it has received additional funding from investors led by Legal & General, alongside a pre-money valuation of £50 million.
Smartr365 currently has 3,500 broker clients, following growth of more than 500% in 2021, and is forecast to welcome its 8,000th user by the end of the year.
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 supported since it was founded in 2017.
Conor Murphy, founder and chief executive at Smartr365, said that the 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.
“The combined expertise and market impact that Smartr365 and Legal & General have made this investment a strong strategic fit, and we are excited to integrate further capabilities into our market-leading platform,” Murphy said. “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.”