Paying off a mortgage early isn’t exactly what lenders encourage. In fact, overpaying often leads to penalties because it cuts into their profits. But what if a fintech app made early repayment easy — and even rewarding?
That’s the idea behind Sprive, a rising UK-based fintech helping homeowners tackle their mortgages faster. The app, launched in October 2021, just secured a fresh $7.3 million (£5.5 million) funding round. Leading the round was Ascension, a venture capital firm known for backing impact-driven startups like Tembo, Wagestream, and Credit Kudos, which was eventually acquired by Apple.
Sprive offers a smart, automated way to make mortgage overpayments without changing how users spend daily. The platform links directly to a user’s bank account, tracking everyday purchases at major UK supermarkets. Then, it redirects spare change and cashback rewards toward their mortgage balance. Over time, this small but steady strategy helps users save an average of £10,000 across the life of their mortgage.
But Sprive’s impact doesn’t stop there. The app also scans the mortgage market daily, helping customers find better refinancing deals. It gives homeowners a simple, tech-driven way to cut interest payments and potentially shave years off their loan term — a win-win in today’s high-rate environment.
Sprive’s CEO, Jinesh Vohra, explained the deeper advantage: while lenders are keen to innovate, they still rely heavily on old-school mortgage brokers for customer acquisition. “It’s expensive and inefficient because brokers are non-digital and fragmented,” Vohra shared. “We have access to real-time data — spending habits, mortgage details, credit profiles, and property information — which lets us offer lenders a better, digital-first route to new customers.”
And Sprive benefits, too. Every time a user shops or switches mortgages, the company earns. Within minutes of a purchase, customers see cash applied to their mortgage, while Sprive earns a commission each time a user refinances through the app.
Backing the latest round, alongside Ascension, were Channel4Ventures (the consumer investment arm of UK broadcaster Channel 4), Velocity Capital, and Two Magnolias.
With fresh funding in hand, Sprive is now gearing up to expand its platform, refine its market-scanning tech, and help more UK homeowners take control of their mortgages — faster and smarter.
