Better HoldCo, a digital platform that helps Americans buy homes, has acquired UK online mortgage broker Trussle Lab. Financial terms were not disclosed.
Trussle is one of a new breed of fintech startups looking to disrupt the £1.5 trillion UK mortgage market, where the process can take months to complete and cost customers thousands of points in fees.
Founded in 2015, it uses proprietary automation and a mortgage monitoring service to compare and track thousands of mortgage products from more than 90 lenders. The firm has sourced over £2.7 billion of mortgage approvals for UK consumers with £1.1 billion of that in the last 12 months.
Better says that bringing together the data and capabilities of both companies will provide them with unique strengths identifying underserved market segments and evaluating risk.
The US firm says it will also boost Trussle’s revenue profile by helping to develop a pipeline of B2B relationships with estate agencies, property developers and financial services companies, invest in customer acquisition and drive attachment rates across product offerings, including insurance and conveyancing.
Vishal Garg, CEO, Better, says: “We researched the UK market and were surprised to see how we could make it so much better for consumers buying and financing a home for the first time. We found a kindred spirit in the team at Trussle who have developed a platform that we can work alongside to help every Briton own their own home."