Sprive raises £7.7 million to grow mortgage overpayment app
What's the deal? Mortgage overpayment app SpriveDealroom has a profile for this one. Try Dealroom → has raised £7.7 million ($10 million) in a Series A round, lifting its total raised to more than $15 million. Existing backers AscensionDealroom has a profile for this one. Try Dealroom →, Channel 4 VenturesDealroom has a profile for this one. Try Dealroom →, and the Velocity EIS Technology Fund returned, joined by new investors Active PartnersDealroom has a profile for this one. Try Dealroom →, Wealth ClubDealroom has a profile for this one. Try Dealroom →, and Rank VenturesDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Founded in 2019 by former Goldman SachsDealroom has a profile for this one. Try Dealroom → bankers Jinesh Vohra and Saad Hashim, Sprive lets customers earn cashback on everyday spending and automatically use it to overpay their mortgage. The app also scans the market so users can switch to new deals. Sprive said the money will fund customer acquisition and revenue growth.
Why now? Vohra pointed to the squeeze on borrowers as the hook. "Given the cost-of-living crisis, with mortgage rates going through the roof, and borrowers being pushed into extending their mortgage terms in cases well into retirement, the ability to use your weekly shop to reduce your mortgage interest, and ultimately the term of the loan, is hugely appealing," he said.
By the numbers: Sprive has 567,000 registered users and supports around £42 billion of mortgages. Customers have cut their balances by £26 million through the app, with potential interest savings of more than £300 million. Revenue has risen more than 25-fold since January 2025, and the company recently turned cash flow positive with an annual run rate above £18 million.
The signal: The raise lands amid what Vohra called a "tough investment market," and its size sits in the middle of the pack for Series A deals. Backer Jean de Fougerolles of Ascension framed the wider opportunity: with 8.5 million owner-occupied mortgages in the UK and 1.2% of mortgaged homeowners shopping through Sprive last month, he said "the headroom from here is significant."
Read more: theintermediary.co.uk
Image credit: Sprive
