Unsurprisingly, the financial technology industry in the UK is growing at a rapid rate. The UK fintech market drew unprecedented investments of $4.9 billion in 2019, surpassing $3.6 billion in 2018, according to data from Innovate Finance. This makes the UK, after the US, the second-largest fintech industry in the world when it comes to VC funding. A few of the top startups in the fintech and mortgage tech industry drawing attraction right now are Mojo Mortgages, Trussle, Trezo, and Atom Bank.
Mojo Mortgages, headquartered in Cheshire, integrates its own technology systems with actual brokers to help customers finding a mortgage search their online availability, compare rates from 90 lenders, and then get hold a quick phone call to iron out the specifics with an expert. They also provide a free online MortgageScore tool to help first-time borrowers see if their chances of obtaining a loan can be increased. As a broker, Mojo then gets 0.4 percent of the loan amount insured.
Trussle analyzes more than 90 individual lenders and evaluates more than 11,000 offers to identify the best affordable mortgages for consumers. In addition, Trussle also continually tracks the post-sale market, helping its buyers find and switch over to better plans in the future. For self-employed individuals who can not guarantee a steady paycheck per month, Trezeo offers financial protection and stabilization. In order to have a financial cushion, the London-based company has developed an earnings-smoothing app that averages your wages. Trezeo can also provide cash supplements to ensure their users are never short. A host of advantages, including affordable loans, income security, savings plans, and even mortgages, can be appreciated by customers. Trezeo simply charges a subscription fee which corresponds to the user’s salary as opposed to charging high-interest rates.
Atom Bank became the first app-only bank in the UK after receiving their banking license in 2015. Atom bank’s main concept is to tie up all of your banking needs into a simple app on a users phone. You will be able to open up a new savings account, apply for loans and mortgages and much more. Due to their branch free business model, Adam Bank is able to offer lower rates which ends up meaning customers are saving money big time.