Collaborative mortgage deposit-raising platform StepLadder has secured a spot in the London venture studio for fintech startups operated by BBVA and Anthemis after securing £1.5 million in seed financing.
BBVA and Anthemis Venture Creation Partnership has invested capital and other resources, alongside further investment from Seedcamp and other Angel investors, in the firm, which runs a shared savings marketplace to help people get on the property ladder.
The company operates a ‘Rotating Credit and Savings Association’, whereby individual members make monthly contributions into a central savings pot, with regular payouts made by random draw. The process is repeated on a monthly basis until all the circle’s members have received their deposit money.
The firm makes £50,000 awards to members each month, and has so far garnered over £500,000 in subscriptions from StepLadder members in total.
While currently the business is focused on the UK market, StepLadder also has long term ambitions to bring its service to markets across Europe, including Spain. The BBVA and Anthemis Venture Studio will offer advice around areas ranging from digital sales to marketing and technology to compliance as the business expands its operations.
Matthew Addison, StepLadder’s founder and CEO, says: “The property market is imbalanced. There are millions of hardworking people out there, who through no fault of their own find themselves trapped in a cycle of renting. We want to change that, and this funding will help us turn the dream of homeownership into a reality.”
Earlier this month Anthemis and Axel Springer invested £2 million in UK startup Proportunity, a tech-driven mortgage lender that helps first-time buyers get on the property ladder by helping to finance large deposit down payments.