Acre team | Image credit: Acre
London-based Acre, a B2B fintech company that claims to be rewiring the mortgage lending process, announced on Monday that it has secured £6.5m (nearly €7.39m) in a seed round of funding to expand its technology platform and ” revolutionize” the home buying process.
Founded in 2017 by Justus Brown, Acre aims to transform the property buying process so that customers can own a house quickly, easily, transparently and affordably.
The most important HR trends in 2023
HR has many challenges to face in 2023. Find out what they are and how you can handle…Show more
HR has many challenges to face in 2023. Find out what they are and how to deal with them. Show less
The company’s brokerage platform uses blockchain technology to place detailed consumer and real estate data at the center of the mortgage application process.
Investors in this round
The investment came from The McPike Global Family Office (MGFO) together with follow-on investor Aviva and Founders Factory.
Acre was born out of Founders Factory, a company that acts as an accelerator for startups and provides assistance with product development, market research and funding.
Aviva Ventures is an investor in Founders Factory and worked with Sesame Bankhall Group to help facilitate Aviva’s investment in Acre.
Drew Colaiezzi, Head of Private Investments at MGFO, said: “We are delighted to continue our partnerships with Founders Factory and Aviva and believe Acre is truly an all-encompassing innovative platform that is ripe to take advantage of the rapidly evolving UK mortgage market. “
“Justus Brown is a phenomenal operator and has positioned Acre to scale rapidly while demonstrating its significant market disruption,” adds Colaiezzi.
Capital utilization
Acre says it will use the funds to launch new partnerships with lenders and insurers that will make it easier for its agents to propose and apply for suitable financial products and services.
The London-based company aims to change the way people buy homes and believes that to deliver on its vision, client data and identity must be entered and verified once, and shared once throughout the home buying process.
Justus Brown, CEO and founder of Acre, says: “We are proud to be 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.”
“This latest fundraising drive demonstrates our strength and commitment to the market and furthers our ambitions as the technology platform of choice for brokers.”
“For many homebuyers, the economic turmoil of last year led to a greater appreciation of mortgage brokers, and this trend continues into 2023. We give brokers the right tools, data and insights at the touch of a button so they can excel in deliver fast, efficient advice that meets the individual requirements of each case in a dynamic market, adds Brown.
Recent growth
Previously, Acre raised £5m in 2019 led by Aviva and Sesame Bankhall Group (SBG), following the spin-out from Founders Factory’s venture studio. The funds helped the company grow its team to over 30 people and accelerate the creation of new features.
This resulted in the company launching its private beta version of the product to a group of early adopter mortgage companies.
Acre’s latest funding comes after the company saw growth in 2022, with the platform expanding to over 1,300 users, representing over £10B in annual mortgage traffic, and a 10x increase over the year.
The company also signed its first protection company, Intrinsic House. This attracted fastest growing networks including Cornerstone Finance Group and Beneficial Network.
In addition, five integrations, including those with Santander and TSB, went live.
How to improve open source security?
Follow these three steps and get on the road to stronger security practices. view more
Follow these three steps and get on the road to stronger security practices. Show less
