UK LendTech firm attracts £10m funding
Written by Peter Walker
Residential rent-to-own specialist Unmortgage has raised £10 million to help scale the business.
The UK-based LendTech startup saw investment from Augmentum Fintech - which put in £2.5 million - alongside existing investor Exponential Ventures, and others.
Unmortgage will offers a unique part-own part-rent model of home ownership, requiring as little as 5 per cent deposit, with customers paying a market rent on the portion of the home that Unmortgage owns, as well as the ability to increase the equity in the property as financial circumstances allow.
The new funds will take the team from 12 to 40 people before the end of the 2018, prior to launch in 2019.
Tim Levene, chief executive of Augmentum, said that in too many cases home-ownership remains out of reach for people, and the Unmortgage model addresses in an innovative way how people can access the homes they both need and want.
“The business is also attracting FinTech talent who want to participate in a business that has at its heart a social purpose,” he added.