AI fintech business, MQube, has announced a major group restructuring following a strategic review.
The company has decided to decouple its technology and lending arms and focus solely on its core technology business. The group has been exploring divestment options to support the future growth of MPowered and will be appointing a corporate advisor to implement this.
As part of the move, MPowered will no longer accept new loan applications. All existing mortgage customers and MPowered broker-partners will continue to be fully supported and MPowered are proactively contacting customers to keep them informed.
Since its launch in 2019, MQube’s AI platform has driven MPowered to deliver over £1.3 billion in prime lending.
Stuart Cheetham (pictured), CEO of MQube, commented: “The growth of both MQube and MPowered has been truly phenomenal, supported by a fantastic team of people, our MQube and MPowered family. MPowered has shown what’s possible when cutting-edge technology meets high-quality mortgage lending.
"The team has set new standards for speed, efficiency, and customer experience. Our focus now is on making that technology available to lenders around the world. This move will enable both businesses to achieve their full potential.”
