Sprive

Singapore,Singapore

Overview
Pitch Details
The Team
Documents

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Short Summary

An innovative AI mortgage assistant, is a game-changer in the industry. It resides on users' smartphones, enabling them to pay off mortgages faster and always secure the best deal. Supporting £3Bn+ Of Mortgages. Supports 13 Top UK Lenders. EIS

Highlights

£670k+ monthly gross revenue - £44k monthly net revenue
Support from the 13 top UK lenders
Working with 60+ Tier 1 brands like Amazon, Tesco, Asda and Sainsbury’s
20x growth in net revenue since January 2023
15.3k active users (supporting £3Bn+ worth of mortgages)

Overview

Target	200,000,000
Minimum	9,000,000
Investment Raised	100,000,000
Previous Rounds	9,000,000
Stage	Breaking Even
Investor Role	Any

The Business

In the UK and US, the largest financial pain point for 384 million people is the cost of outstanding debt, with interest payments on the UK’s personal debt over 12 months at £73bn. Sprive is an app that helps homeowners pay down their mortgages faster and save interest, with its collective user base on track to save £117 million in interest and knock 22 years in time. It helps savers in three ways: finding spare cash based on spending habits to repay debts faster, earning cashback from everyday shopping, and 24/7 monitoring of the mortgage market so users are on the best deal. As a result, it’s acquired 15,300+ organic active users and is supporting £3Bn+ worth of mortgages. Sprive is paid via merchants and mortgage lenders commissions for every transaction processed via the Sprive App. Merchants onboarded include ASDA, Sainsbury's, Amazon, Just Eat, AirBnB, M&S, and more. Users earn between 2-16% of the value of each purchase. Sprive has 170+ mortgage lenders, including Natwest, HSBC, Lloyds, Halifax, Santander, and First Direct, who pay up to 0.35% of the outstanding mortgage loan as a referral.

The Market

Sprive has built a market-leading solution in an industry worth £1.6T and is uniquely placed to take advantage of rapidly rising interest rates and a cost of living crisis given our unique customer proposition. They provide superior customer service by electronically sourcing homeowners' spending, mortgage, credit, and property data during onboarding. Letting them deliver seamless lender payments and remortgage experience Sprive is the only player engaging with homeowners monthly. The rest of the competition does not help customers through the homeownership journey, only interacting with them every 2 to 5 years. This resonates strongly with users with a 71% retention rate in the app and having organically grown a user base of 15,000+.

Progress/Proof

? £670k+ monthly gross revenue - £44k monthly net revenue ? Support 13 top UK lenders ? Working with 60+ Tier 1 brands like Amazon, Tesco, Asda and Sainsbury’s ? 20x growth in net revenue since January 2023 ? 71% 1 year user retention ? 61% of users acquired through word of mouth/referrals ? 15.3k active users (supporting £3Bn+ worth of mortgages)

Objectives/Future

Sprive will use the funds from this raise towards expanding the active user base to 35,000 through marketing including TV, PR, influencers, paid advertising and partnerships. This user base growth will fuel revenue growth to £100k MRR and achieve profitability in 2025, aided by reducing their variable operating costs. The team will increase headcount as they grow and increase their offerings from mortgages to credit cards, student loans and auto loans. They will also target a Series A round to fuel further growth in the market and their offering.

The Team

The Sprive team combines experience are from banking (Ex Goldman Sachs), data science and fintech and will use the funds to expand the active user base, achieve profitability, hit £100k+ MRR and prepare for their Series A round. The Sprive offering has been backed by the founder of 118 118, the CEO of 118 118, a board member of Money Supermarket, the CIO at St James Place, exited fintech founders and the CMO of PensionBee.