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Hello friends! Today, let’s explore a game-changing fintech app that’s transforming how people handle their mortgages. Imagine paying off your home faster and saving thousands—sounds like a dream, right?
Sprive is an innovative platform launched in the UK that helps homeowners chip away at their mortgage balances more quickly. It cleverly uses everyday shopping to maximize overpayments, turning routine expenses into savings on interest and mortgage duration.
By linking your bank account to the app, you can shop normally at big supermarkets, while Sprive captures cashback offers and discounts. These savings are automatically directed toward your mortgage, reducing your debt faster and potentially cutting years off your mortgage term. Users are claiming an average reduction of £10,000 over their loan’s lifetime.
The company was founded in late 2021 and recently secured a £5.5 million (£7.3 million) funding round led by Impact investors like Ascension. The app also continuously scans for better mortgage deals, helping users refinance more efficiently. The approach provides a win-win: homeowners save money and lenders gain new, digitally-savvy customers.
CEO Jinesh Vohra pointed out that traditional mortgage processes are fragmented and expensive, relying heavily on non-digital advisers. Sprive’s tech-enabled system offers a streamlined alternative, by accessing users’ financial data and market trends. Every time someone switches or shops around for a mortgage, Sprive earns a commission, aligning its success with customer savings.
Overall, Sprive’s inventive strategy mixes everyday shopping with smart finance, making mortgage overpayment accessible and efficient. It’s a fresh take on a long-standing financial challenge, blending technology and user convenience for a brighter financial future.
