Blockchain lending platform Acre secures £6.5 million to facilitate home buying
Starling backer McPike joins Aviva and Founders Factory in the fintech’s second raise since it was founded in 2017.
Image source: Acre.
Acre, the fintech looking to change the way Brits buy property, has just secured £6.5m in investment.
The funding comes four years after a £5m fundraising led by Aviva and Sesame Bankhall Group following the spin-out from Founders Factory’s venture studio.
CEO Justus Brown was previously product manager at Founders Factory, which next door
Aviva and Founders Factory – where Acre boss Justus Brown was previously head of product – were joined by elusive Starling support McPike Global Family Office in this round as the fintech continues on its mission to digitize the home buying journey.
With its blockchain foundation, Acre helps traditional brokers compete with their digital rivals as lending becomes increasingly complex and brokers have increased responsibility towards their clients.
“We pride ourselves on being at the forefront of innovation in financial advice, delivering a new, modern approach that simplifies the advice journey for brokers and delivers on clients’ needs,” said Brown.
“This latest fundraising demonstrates our strength and commitment to the market and furthers our ambitions as the technology platform of choice for brokers.”
By 2022, Acre saw its user base quadruple, with the platform growing to more than 1,300 users and the team expanding by 50 percent.
It also integrated with five lenders last year, including Santander and TSB, as well as seeing tenfold growth over the year to more than £10bn in annual mortgage volume.
Acre says it plans to continue this growth in 2023 by rolling out new partnerships with lenders and insurers to help brokers recommend and apply for the right financial products and services.
“For many homebuyers, the economic turmoil last year led to a greater valuation of mortgage brokers, and this trend will continue into 2023,” Brown added.
“We give brokers the right tools, data and insights at the click of a button so they can excel in delivering fast and effective advice that meets the individual requirements of each case in a dynamic market.”
Now with £11.5m raised, Acre plans to continue trying to rewire the mortgage market and help both brokers and lenders get the best result for their customers.
