Rabo Frontier Ventures invests in online UK mortgage broker Trussle
Rabo Frontier Ventures (RFV), the strategic investment fund of Rabobank, is investing in online UK mortgage broker Trussle. RFV participated in the funding round of £7.5m alongside existing investors, Goldman Sachs Growth, Finch Capital and San Francisco-based Propel Venture partners.
This round of funding demonstrates investors’ confidence in the opportunity to revolutionise the UK mortgage market. Every year, millions of people in the UK are subject to unnecessary costs, delays and frustrations when trying to get a mortgage. Trussle is utilising technology to disrupt the market, making the mortgage experience fairer, faster and easier. The online mortgage broker has grown rapidly over the last year, amplifying its mission to make mortgages fairer and almost doubling the volume of customers.
Trussle Chairman, Simon Williams, commented: “Owning a home should mean stability and freedom. Unfortunately, the reality is that finding a mortgage often creates stress, inconvenience and unfair treatment. Since Trussle launched in December 2015, we’ve helped thousands of homeowners get onto the property ladder and reduce their mortgage payments by switching to the right deal. But there’s ample work to be done in revolutionizing the archaic industry.”
Williams continued: “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. The funding from our investors not only exemplifies the progress we’ve made so far, but also the scale of the opportunity that lies ahead.”
Harrie Vollaard Managing Director of RFV, commented: “Getting a mortgage is a complex process and is one of the biggest pain points of the financial industry. Trussle is leading the way in reshaping the way people interact with their mortgage by utilising technology to make mortgages smarter, faster and fairer. 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”
Rabo Frontier Ventures
RFV is a €150 million investment fund of Rabobank, focusing globally on innovative fintech and agtech companies. RFV aims to invest in the early growth stage (series B) of companies that are disrupting or influencing the current business of the Rabobank. As an investor RFV strives to share in-depth knowledge in order to add value to portfolio companies.
Nordic Capital Fund VIII (“Nordic Capital”)1 has entered into a call option agreement with the investment company R12 Kapital (“R12”) which entitles Nordic Capital to acquire an additional 2.94% of the shares in Nordax Group AB (publ) (“Nordax”), subject to receiving approval by the Swedish Financial Supervisory Authority (“SFSA”). Nordic Capital is currently the largest shareholder in Nordax with a shareholding of 9.96%. The call option agreement entered into with R12, together with the already existing call option arrangement in place with Carnegie, entitle Nordic Capital to acquire a further total of 12.44% of the shares in Nordax.
