Sprive is a fintech app designed for the U.K. market, enabling homeowners to repay their mortgages more efficiently through automated processes and cashback rewards. Launched in October 2021, it recently secured £5.5 million in funding led by Ascension. The app allows users to channel spare cash from everyday shopping towards mortgage overpayments, potentially saving around £10,000 per user in total interest costs. By linking with users' bank accounts, Sprive continuously shops for better mortgage deals, innovating within a traditionally costly mortgage industry that relies heavily on non-digital advisers.
Most mortgage lenders would rather people didn't pay off their mortgages early. After all, that's how they make their money. Indeed, overpayment is positively discouraged and sometimes even penalized.
Sprive said the app works by letting homeowners pay off their mortgage faster through their everyday shopping, by automatically putting spare cash toward overpayments and continuously scanning the market.
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