Trussle
| Mortgage broker | |
| ISIN | 🆔 |
| Industry | Financial services |
| Founded 📆 | February 2015 |
| Founder 👔 | |
| Headquarters 🏙️ | , United Kingdom |
Area served 🗺️ | |
| Services | |
| Members | |
Number of employees | |
| 🌐 Website | https://trussle.com |
| 📇 Address | |
| 📞 telephone | |
Trussle is a mortgage broker based in London, England. Founded by Ishaan Malhi and Jonathan Galore in 2015[1], it was the first online mortgage broker in the UK.
Overview[edit]
Trussle is a fintech startup. It raised £13.6 million in Series B funding in May 2018[2] and a further £7.5 million in January 2020.[3] The company's investors include Seedcamp, Goldman Sachs PSI, Rabobank, and Propel Venture Partners (a fund backed by European banking giant BBVA), amongst others.
The company states that its mission is to make mortgages fairer for everyone. In 2018 it launched a "mortgage monitoring service", which scans the mortgage market and notifies users if they could save money by switching.[4] It created and sponsors the Mortgage Switch Guarantee, which calls upon mortgage lenders to more clearly communicate the costs of getting a mortgage and to actively tell its customers 3 months before their initial interest rate is due to lapse.[5][6][7] According to the FCA, there are 2.04 million people in the UK who have been on their lender's Standard Variable Rate of interest for six months or more, paying almost £10 billion in excess interest repayments each year.[8]
The company marched on the Bank of England and 10 Downing Street to increase institutional awareness of Mortgage Switch Guarantee.[9] The Guarantee was discussed by UK Parliament's House of Commons in July 2019.[10]
History[edit]
Trussle was founded in 2015 by Ishaan Malhi and Jonathan Galore. Malhi was self-employed at the time and frustrated at the difficulty of getting a mortgage in the UK.[11] The online mortgage broker officially opened its doors in December 2015, followed by a £1.1 million funding seed round in February 2016.
By January 2017 Trussle had 14 staff and had raised a further £4.5 million in a Series A funding, led by Finch Capital.[12] The company had scaled up to 70 staff by May 2018, when it raised £13.6 million in Series B funding.[2] In November 2019 the company announced that it had 120 staff, and had hired Red Ventures's Todd Zino as CTO and former Ars Technica and Bankrate editor Sebastian Anthony as the Head of Organic Growth.[13]
In January 2018 the company launched a "mortgage monitoring service", which monitors users' mortgages and suggests when to switch to a new mortgage to reduce interest payments. In 2019 the company created the Mortgage Switch Guarantee[5] and called upon lenders to sign up to it. The company has not announced any lenders signing onto the guarantee as of January 2020.
In January 2020 the company announced that Malhi, its co-founder and CEO, had resigned.[14] Later that month it announced it had raised a further £7.5 million in funding led by the investment arm of Rabobank, Rabo Frontier Ventures.
References[edit]
- ↑ "About Us". Trussle. Retrieved 2019-12-20.
- ↑ 2.0 2.1 "Online mortgage broker Trussle raises £13.6M Series B". TechCrunch. Retrieved 2019-12-20.
- ↑ "Rabobank invests in online mortgage broker Trussle". CityAM. 2020-01-20. Retrieved 2020-01-23.
- ↑ Barker, Sam (2018-01-29). "Trussle launches free mortgage monitor service". Mortgage Strategy. Retrieved 2019-12-27.
- ↑ 5.0 5.1 "Mortgage Switch Guarantee". Retrieved 2019-12-20.
- ↑ Atkin, Joanne (2017-07-18). "Trussle proposes a Mortgage Switch Guarantee to help homeowners on to a better deal". Mortgage Finance Gazette. Retrieved 2019-12-24.
- ↑ "Brokers urge lenders to commit to switch guarantee". FT Adviser. Unknown parameter
|url-status=ignored (help) - ↑ "Mortgages Market Study: MS16/2". FCA. 2016-12-08. Retrieved 2020-01-13.
- ↑ "Trussle campaigns to fix 'broken mortgage system'". Mortgage Introducer. 2019-04-18. Retrieved 2019-12-24.
- ↑ "MORTGAGE SWITCH GUARANTEE - Early Day Motions". edm.parliament.uk. Retrieved 2019-12-20.
- ↑ "RSNG | Ishaan Malhi Founded Trussle To Shake Up The Closed Shop Of The Mortgage Industry And Learnt Some Valuable Startup Lessons". www.rsng.com. Retrieved 2019-12-20.
- ↑ "Series A - Trussle - 2017-02-01 - Lead Investors". Crunchbase. Retrieved 2019-12-20.
- ↑ "Trussle makes trio of hires to senior team". Mortgage Solutions. 2019-11-27. Retrieved 2019-12-20.
- ↑ "Online mortgage broker Trussle loses founding CEO". TechCrunch. Retrieved 2020-01-10.
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