UK Fintech Firm Secures $7.3 Million to Simplify Mortgage Overpayments

In the mortgage industry, lenders often prefer borrowers not to pay off their loans early — after all, that's how lenders maximize profits. Early repayments are frequently discouraged and sometimes even penalized. But what if a solution could modernize both the financing process and the technology behind it?

That’s exactly the vision behind Sprive, a UK-based fintech app designed to help homeowners accelerate their mortgage repayments through automation and cashback incentives. Targeted at the UK market, Sprive claims it can help users save an average of £10,000 over the life of their mortgage.

Launched in October 2021, Sprive has now closed a funding round worth £5.5 million ($7.3 million), led by venture capital firm Ascension, known for backing mission-driven startups. Ascension has previously invested in mortgage platform Tembo and fintech ventures like Wagestream, SuperFi, DebtStream, Goodstead, and Credit Kudos (acquired by Apple).

Sprive’s app links to users’ bank accounts and allows them to chip away at their mortgages through everyday purchases — whether at major British supermarkets or other retailers. The app automatically redirects spare change and cashback rewards towards mortgage overpayments while continuously scanning the market to find users better mortgage deals. This helps homeowners save on interest and potentially cut years off their mortgage terms.

Explaining the model, CEO Jinesh Vohra said, “Mortgage lenders talk about innovation but still rely heavily on mortgage advisors for customer retention — a system that is fragmented and largely offline. True innovation remains extremely costly for them.”

Vohra emphasized that Sprive, by having access to spending data, mortgage details, credit profiles, and property information, provides a much more efficient digital channel for lenders to reach customers.

He added, “Every time someone shops or refinances their mortgage through us, we generate revenue. Within 15 minutes of a purchase, users see funds applied to their mortgage. Plus, we scan the market daily to find better deals. When a customer refinances, we also earn a commission from the mortgage lender.”

The funding round also included participation from Channel 4 Ventures (the consumer investment arm of UK broadcaster Channel 4), Velocity Capital, and Two Magnolias.