Rabobank invests in online mortgage broker Trussle
Rabobank’s strategic investment arm, Rabo Frontier Ventures, has contributed to a £7.5m funding round in online mortgage broker Trussle.
Rabo Frontier Ventures joined the latest round of funding alongside existing investors Goldman Sachs Merchant Banking Division, Finch Capital and Propel Venture partners.
The fresh round of funding brings Trussle’s total to £26.7m after the tech startup raised £13.6m in Series B financing in May 2018.
Harrie Vollaard, head of Rabo Frontier Ventures, said: “The slow-moving and complex mortgage market is one of the biggest pain points of owning a home. Trussle is leading the way in reshaping the way people interact with their mortgage by utilising technology to make mortgages smarter, faster and fairer.”
Trussle operates a free mortgage service that searches for the best deals for customers. It claims it can save customers up to £300 a month on their mortgage payments.
Trussle recently expanded its senior leadership team, appointing chief technology officer Todd Zino and veteran banker Simon Williams as chairman.
Williams said: “Our business is at a pivotal stage in its journey and this new funding will enable us to accelerate our progress, especially through investment in our technology, to make the mortgage process quicker, easier and more transparent.”
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Vollaard added: “We’re looking forward to working closely with Trussle on the next phase of their journey to redesign the mortgage application process, as well as additional services to better support their customers through the home ownership journey.”
The appointments of Zino and Williams follow the abrupt departure of Trussle co-founder and chief executive, Ishaan Malhi at the start of the year.
Malhi set up the startup with Jonathan Galore, a partner at private equity firm Silver Lake, in December 2015.