The capital raise comes after a first tranche of £10 million for the Series A round which closed in January 2020.

The funding would be used, Molo revealed, to accelerate its growth through additional online lending and investment in its proprietary technology and new product propositions. This would help it move a step closer to achieving its vision of making home ownership easier for everyone.

Since the height of the pandemic, the lender said it had experienced ‘significantly higher’ volumes of online mortgage applications. In August and September Molo’s pipeline of buy-to-let mortgage applications exceeded £500m.

This provided further evidence of the growing popularity of digital lending and, said Molo, highlighted the convenience of its digital model.

Francesca Carlesi, CEO and co-founder of Molo said: “Molo has reimagined the whole mortgage experience from scratch; we are applying the convenience and speed of today’s technology for today’s customers.

“Leveraging instant decisioning and real time data validation, customers can get certainty about their mortgage directly on their mobile, in minutes rather than weeks.

“This additional backing is a sign of trust in Molo, and we are proud to have reputable players like Macquarie, Patron and Yabeo on our team as we seek to revolutionize the mortgage market.”

The investment was led by global financial services firm Macquarie Group (Macquarie) and Patron ​Capital, a pan-European institutional investor focused on property-backed investments.

The equity round was led by Yabeo, an international Venture Capital firm and supported by existing shareholders Andenes Investments, GPS Ventures and others. SpecFin Capital advised Molo.

Gerrit Seidel, MD of Yabeo,​ ​said:​ “The mortgage markets globally and particularly in the UK, are the largest financial services segments.

“Dominated still by traditional banking incumbents and brokerage set-ups, the market is ready for accelerated disruption, unlocking significant cost efficiencies and enabling consumer friendly online mortgage solutions. Molo is best equipped to spearhead these developments in the UK.”

Meanwhile, Carolyn Porretta, a managing director at Macquarie Group and Non-Executive Board Director of Molo added: “The UK mortgage market is currently undergoing an enormous transformation to digitalise and make the process of getting a mortgage decision faster and easier than ever before.

“Molo is at the forefront of this technology and we are looking forward to working with them to realise the opportunity.”