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Insurance giant Aviva and Sesame Bankhall Group (SBG), a UK-based financial adviser, have announced a £5 million (approximately $6.5 million) investment in blockchain mortgage startup Acre Software.
Founded in 2018, London-based Acre Software was born out of Founders Factory accelerator and aims to transform the UK’s £1.4 trillion mortgage market.
According to a recent Intermediary Mortgage Lenders Association report, nearly three quarters of UK mortgages are facilitated by advisers despite the rise in direct-to-consumer strategies. For advisers to retain their position, they need to match the speed and end-user experience offered by these market disruptors.
Acre aims to improve the whole experience around the mortgage and insurance application process for advisers and their clients.
The startup uses blockchain technology to “bring together all the components of the mortgage advice process into one unchangeable ‘record of the transaction’,” thereby helping brokers retain the control of their business and offering a seamless, faster journey for consumers, according to the official release.
“Buying a house is one of the biggest financial transactions a person can make, yet the process is slow, opaque and fragmented, which is increasingly out of step with consumer expectations,” said Justus Brown, CEO/founder of Acre Software. “We’re changing this – levelling the playing field for brokers using innovative tech, while putting an informed consumer at the centre of the mortgage process.”
SBG said that its exclusive arrangement with Acre will help transform the way mortgage and protection advisers process business and service their clients.
John Cowan, Executive Chairman, Sesame Bankhall Group said that a comprehensive 12-month review of the mortgage industry has revealed that they could not ignore the growing competitive threat in the market.
“Working with Aviva Ventures, we saw an opportunity to turn the threat posed by new disruptive technology on its head. Acre will bring the latest technology know-how, and that coupled with our distribution expertise will help advisers and their clients reap the benefits,” Cowan said.
