BAE Watch
Sprive: Mortgage Free, Faster
Pre-Seed
FinTech & Finance
❓ Business Model
- Helps homeowners make smart mortgage overpayments and remortgage to the best deal at the right time.
- They earn commission from merchants and lenders.
📈 Traction
- Supports £2.3Bn worth of mortgages.
- 30,000+ UK customers.
- Supports 13 of the UK's top mortgage lenders.
- Works with over 50+ brands in the UK including Amazon, Asda, Sainsbury's, Morrisons.
- Embedded Finance winners at the 2023 Fintech Finance Awards.
🌱Founding Team
- Jinesh Vohra (Co-founder & CEO)
- 14 Years at Goldman Sachs leaving at Executive Director.
- In charge of a 3rd of the organisation from an operational risk perspective.
📖 Story
Sprive was born out of the founders own personal mortgage experience. He recalls being shocked when he realised he would be paying hundreds of thousands in interest over the lifetime of the term. This got him on a mission to try and pay off this mortgage faster by making mortgage overpayments. Through this journey, Jinesh experienced a lot of pain points which inspired him to build Sprive to help others.
👀 Reasons to watch
- They're UK's fastest growing mortgage consumer fintech in the UK supporting billions of pounds worth of mortgages. Given the mortgage market is worth Trillions of pounds, there is a lot of opportunity for them to grab market share.
- They're the only player in the UK that engages with customers around their mortgages every week by helping them earn extra money by doing their everyday shopping at brands like Asda, Sainsbury's, Morrisons and Amazon. This engagement, puts them in an unique place to be able to sell digital products to homeowners at scale.
- They have a customer satisfaction rating of 4.6 on Trustpilot and on iOS. They have been featured in majority of UK national press which includes ITV News, Guardian, Sky, The Sun, This is Money, iNews, Forbes, Metro, Daily Mirror and Daily Express
- They've successfully monetised their user base seeing a 572% revenue growth in 2023.
➕Further reading
- https://www.forbes.com/uk/advisor/personal-finance/2021/04/19/quickfire-questions-jinesh-vohra/
- https://www.thisismoney.co.uk/money/mortgageshome/article-10049377/Mortgage-overpayment-app-Sprive-good.html
- https://www.express.co.uk/finance/personalfinance/1848439/Sprive-app-mortgage-payments-Asda-shop
- https://www.thesun.co.uk/money/21293552/pay-off-mortgage-early-supermarket-trick-app-sprive/
- https://news.sky.com/story/how-doing-your-christmas-shopping-with-your-phone-could-shave-money-off-your-mortgage-12762219
- https://meaningfulmoney.tv/2022/02/09/mortgage-free-faster-with-sprive/
- https://www.youtube.com/watch?v=-H7UThA7q5I