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Blockchain mortgage platform Acre raises £6.5 million

Blockchain mortgage platform Acre raises £6.5 million

Acre Software, a UK startup using blockchain technology to revamp the mortgage and insurance application process for advisers, has raised £6.5 million from Starling Bank backer Harold McPike alongside returning investors Aviva and Founders Factory.

Born out of the Founders Factory incubator, in cooperation with Aviva, Acre uses blockchain to bring together all the components of the mortgage advice process into one unchangeable ‘record of the transaction’, putting brokers back in control of their business and offering a faster journey for consumers.

Justus Brown, CEO and founder of Acre says: “For many homebuyers, the financial turmoil of last year led to a greater appreciation of mortgage brokers and this trend is continuing into 2023. We give brokers the right tools, data and insight at the click of a button, so that they can excel at delivering speedy, efficient advice that meets the individual requirements of each case in a dynamic market.”

Brown says the firm has been growing fast since its last £5 million fundraise in 2019, demonstrating 10x growth in 2022 to cover 1300 users and £10 billion in annual mortgage volume. The platform also signed its first protection-only firm in 2022, Intrinsic House, and integrated with broker networks Cornerstone Finance Group and Beneficial Network, and new lenders, such as Santande and TSB.

With new funding in the bag, the firm intends to roll out new partnerships with lenders and insurers that help its brokers recommend and apply for the most competitive financial products and services for their customers.

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