Orange Growth Capital, backer of peer-to-peer lending platform Zopa, has led the funding alongside online insurance broker Knip.
Existing investors LocalGlobe, Zoopla, and Seedcamp, who together supported a £1.1m seed round in February 2016, alongside angel investors Ed Wray, co-founder of Betfair, and Ian Hogarth, co-founder of Songkick, are also behind the deal.
Trussle says the investment will be used to further develop its product offering as it reaches £1bn of mortgages under management.
In September, Trussle partnered with Zoopla to allow buyers who start their property search online to find and finance their home in one journey.
Trussle says the partnership is driving an average of £5 million worth of mortgage enquiries via the Zoopla website each day.
Ishaan Malhi, CEO and Founder of Trussle, commented: “Since launching Trussle back in 2015, we’ve been overwhelmed by the scale of the movement we started. We’re helping thousands more customers every month, have signed several high-profile partnerships that allow us to reach over 90% of the home-owning population, and now manage £1billion worth of mortgages on behalf of UK homeowners. All together it’s validation that we’ve uncovered a real consumer problem, and the technological innovation we’re starting to see from new entrants, as well as traditional brokers, suggests our innovative approach is having a real snowball effect."
Radboud Vlaar, Partner and Founder of Orange Growth Capital, who is joining the Trussle Board, said: “We’re very excited about our investment in Trussle, which is leading the transformation of how people think and interact with their mortgage. As a team, not only do they have great consumer financial experience, but like us, they’ve experienced the antiquated process of getting a mortgage first hand. This investment reaffirms the innovation taking place in the UK’s fintech market. We look forward to working with Ishaan and his team in taking the business to the next level.”
