IMAS acted as the sole financial adviser to M·QUBE and its shareholders on its growth capital raise led by AV8 Ventures, alongside IQ Capital and JamJar Investments.
M∙QUBE, the new fintech mortgage lender using data and technology to deliver mortgages in minutes, secured £5m in early stage funding to support its mission of transforming the UK mortgage market.
In addition to the £5m in operating capital recently secured, M·QUBE will partner with a select number of high profile financial institutions, who will supply the debt capital used to issue mortgages. The business will work exclusively through mortgage brokers, using its partnerships with lenders, investment banks and asset managers to offer a broad range of highly competitive products.
M·QUBE has digitised and automated the entire process of applying for a mortgage, using data, deep learning and sophisticated technology. Documents supplied by a mortgage broker via the platform can be used to instantly retrieve thousands of data points relevant to an application. Typically M·QUBE use 5-7 times more data than traditional lenders to analyse cases, supporting a robust, data rich underwriting decision in minutes, for both simple and complex cases.
Stuart Cheetham, M∙QUBE co-founder and CEO said “The UK mortgage market is one of the very few sectors in which consumers are yet to seriously benefit from advances in technology. We have built a technology platform that will lead to better outcomes across the eco-system, in particular for borrowers and mortgage intermediaries. M∙QUBE has the power to transform this largely un-innovated market for the benefit of all key stakeholders and improve returns for banks, building societies and institutional investors in the process.
Our mission is to help more people get the mortgage that best meets their needs, whether they intend to buy a home or are landlords investing in their family’s future. The current solutions are antiquated and simply do not offer the flexibility that consumers have become accustomed to in almost every other business sector. For example, in the UK there are huge swathes of the population which can afford their rent, but are unable to get a loan or buy a property. This is just one example of the problems that we aim to solve.”