UK mortgage overpayment app Sprive has completed a £5.5 million funding round as it seeks to help more homeowners cut interest costs and finish their loans sooner.
The London company described itself as the United Kingdom’s independent mortgage overpayment app.
The round was led by Ascension, with Channel 4 Ventures, Velocity Capital and Two Magnolias also taking part.
Sprive said the capital will accelerate its plan to help UK based homeowners repay housing debt faster at a time when household borrowing remains elevated.
Mortgages account for around 80 percent of UK household debt.
The company argues that most traditional lenders are built to keep customers in long-term borrowing rather than help them exit it. Higher rates and longer loan terms have intensified that pressure.
Former pensions minister Sir Steve Webb has separately warned that more than a million recent mortgages stretch past retirement age, as 30-, 35- and even 40-year products become more common.
Sprive’s product is designed around three linked features. Users can apply cashback from everyday shopping to their mortgage.
The app can also set aside spare cash automatically, within limits the customer chooses, and send those sums as overpayments.
In addition, it scans the market for potentially cheaper remortgage options so users can switch when a better deal appears.
Chief executive Jinesh Vohra said the average customer is already on course to shorten their mortgage by three years, with users collectively expected to save more than £100 million in interest.
He called the app the fastest route to financial freedom for homeowners and said the company wants to reach as many of them as possible.
The startup launched about three years before the raise and has grown largely by word of mouth.
NatWest later selected it as one of five firms in its first fintech growth programme, which Sprive cited as industry validation.
Ascension managing partner Jean de Fougerolles said mortgage debt has become an entrenched problem and that Sprive offers a practical response.
He added that he began using the app during due diligence and now directs shopping rewards toward his own mortgage.Channel 4 Ventures and Velocity Capital are consumer-focused backers.
Their involvement is intended to help Sprive move from organic growth into television and streaming advertising.
Channel 4 Ventures head Vinay Solanki said the firm looks for solutions to everyday consumer problems and saw no reason why every UK residential mortgage holder should not use the product.
Velocity Capital chief executive Rajeev Saxena said Sprive meets a clear consumer need and could disrupt the mortgage market in homeowners’ favour.
The announcement contrasted Sprive with earlier digital mortgage brokers such as Habito, Trussle and Mojo, which struggled to meet investor expectations.
Sprive said it has taken a different route by focusing on direct consumer use, lower acquisition costs and strategic partnerships rather than traditional broking.
Vohra founded the company after reviewing his own mortgage and realising how much interest he would pay even when rates were low.
After overpaying his loan and leaving Goldman Sachs, he built Sprive to make that process easier for others. The app uses automation and shopping rewards to turn routine spending into principal reductions, while still leaving users responsible for staying within their lender’s overpayment rules.