UK – Acre, a London, UK-based provider of a platform for mortgage intermediaries, raised £6.5M in late seed funding.
The McPike Global Family Office (MGFO) joined returning investors Aviva and Founders Factory.The company intends to use the funds to continue its customer growth and to roll out new partnerships with lenders and insurers that help its brokers recommend and apply for the right financial products and services as efficiently as possible. Led by CEO and Founder Justus Brown, Acre provides a broker platform that uses blockchain technology to input detailed consumer and property data to obtain a mortgage.In 2022, Acre grew to over 1300 users, representing over £10bn in annual mortgage volume, a 10x growth over the year. The platform signed its first protection-only firm, Intrinsic House, and saw a number of networks, including Cornerstone Finance Group and Beneficial Network, joining the ecosystem. Integrations with five lenders also went live, including Santander and TSB.This new round follows Acre’s earlier £5M fundraise in 2019, which was led by Aviva and Sesame Bankhall Group (SBG), and followed its spin out from Founders Factory’s venture studio. 03/04/2023
