Mortgage technology platform Smartr365 has obtained £5m in working capital funding, which will be used to expand its leadership and drive innovation.
Smartr365 was founded by Conor Murphy to address inefficiencies in the mortgage sector. The platform automates the whole mortgage process and involves all stakeholders, including brokers, estate agents, homebuyers and lenders.
The platform is also integrated with service providers Experian, Uinsure and Smoove through its marketplace, which supports its ability to streamline and simplify the mortgage process.
The investment will be used to develop the platform, enhance its core functionality and expand third-party integrations. It will also help to increase the adoption of its marketplace, including its automated direct-to-lender application technology.
The investment will also go towards scaling the sales and customer success teams to ensure the platform’s benefits are delivered across the market.
Pembroke VCT led as a new investor in this funding round with a contribution of £3.5m, along with additional backing from Calculus Group and Smart Currency. Its largest external investor is Legal and General, which backed the company in August 2018.
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Smartr365’s client base includes Legal and General, Sesame, Openwork and Just Mortgages, connecting them to lenders such as Halifax, Nationwide, NatWest and Barclays.
Fred Ursell, investment director at Pembroke Investment Managers LLP, said: “We invested in Smartr365 because of its exceptional leadership team, strong market positioning, and innovative technology. With a proven founder in Conor, who deeply understands the mortgage industry’s challenges and opportunities, Smartr365 is transforming the sector with its user-friendly, data-driven platform.
“The company’s blue-chip client base, scalable SaaS [software-as-a-service] model, and ability to drive efficiency for brokers and lenders make it well-positioned to lead the digital transformation of an antiquated market. We see significant potential for growth and value creation as Smartr365 continues to scale and capitalise on [the] market-leading position.”
Murphy (pictured) added: “We are incredibly excited about the next phase of growth for Smartr365. This investment, led by Pembroke VCT with support from Calculus VCT and our other investors, is a powerful endorsement of our technology, vision, and team. Their backing, alongside our trusted partners such as Experian, Uinsure, and Smoove, underscores the strength of Smartr365’s platform in delivering a seamless and transformative experience for major distributors, lenders, advisers, and their clients. As working capital, this funding will allow us to strengthen our platform, enhance integrations, and drive adoption, ensuring we continue to deliver for all our users.
“After more than five years of continuous innovation, Smartr365 is a proven enabler, delivering real results today – not promises of ‘jam tomorrow.’ Advisers should demand great tech now. The tools to transform their businesses and improve client outcomes already exist, and we’re committed to making them even better.”
Richard Moore, co-head of investments at Calculus, said: “We are delighted to back Smartr365 as it continues to set the standard in the ever-evolving and often complex mortgage tech sector. We were attracted to the combination of CEO Conor’s exceptional industry expertise, together with Smartr365’s impressive network of strategic partnerships with global industry leaders. Smartr365 is well-positioned to drive innovation in the industry and deliver excellent growth for investors. We look forward to working with Conor and the team on their ambitious growth plans.”
