Since 2016, Trussle has attracted £26.7 million in total funding, and has grown rapidly over the last year almost doubling the volume of customers.
This latest investment includes funding from a new investor, the Dutch-based Rabo Frontier Ventures (RFV), alongside existing investors, Goldman Sachs Merchant Banking Division, Finch Capital and San Francisco-based Propel Venture partners.
Rabo Frontier Ventures, a €150 million investment fund of Rabobank, focuses globally on innovative fintech and agtech (agriculture) companies.
Trussle says RFV’s participation is particularly valuable because of the similarities between the UK and Dutch mortgage markets.
Harrie Vollaard, head of Rabo Frontier Ventures, said: “The slow-moving and complex mortgage market is one of the biggest pain points of owning a home.
“Trussle is leading the way in reshaping the way people interact with their mortgage by utilising technology to make mortgages smarter, faster and fairer.
“We’re looking forward to working closely with Trussle on the next phase of their journey to redesign the mortgage application process, as well as additional services to better support their customers through the home ownership journey.”
The business recently expanded its senior leadership team, appointing chief technology officer Todd Zino, and veteran banker, Simon Williams, as Trussle’s chairman.
Simon Williams, Trussle’s chairman, commented: “Our business is at a pivotal stage in its journey and this new funding will enable us to accelerate our progress, especially through investment in our technology, to make the mortgage process quicker, easier and more transparent.
“We are committed to making the mortgage industry more accessible. Current statistics suggest there are more than two million people losing out on an average of £4,500 a year by being on the wrong mortgage and we intend to continue our work to make mortgages fairer.
“The funding from our investors not only exemplifies the progress we’ve made so far, but also the scale of the opportunity that lies ahead.”
Rana Yared, managing director of Goldman Sachs Merchant Banking Division, added: “We are delighted to continue to support Trussle. We believe the company is at the forefront of improving the UK mortgage experience.”
