Tech Pitch: Trussle
Backed by Zoopla and Robin Klein, this start-up is intent on making the process of finding, securing, and managing a mortgage accessible and fee-free...
Company name: Trussle
Founders: Ishaan Malhi (27)
Background: Malhi was a mortgages and retail analyst at Bank Of America Merrill Lynch, and Entrepreneur in Residence at Playfair Capital.
Based in: Kings Cross, London
Very simply, what does your tech start-up do?
- Trussle launched in December 2015 to revolutionise the way existing and aspiring homeowners get a mortgage.
- We help first-time buyers and existing homeowners save time and money securing a great-value mortgage online.
- We then continue to monitor their mortgage for free and help them switch to a better deal later on, so they never pay more than they should.
Tell us why there’s a need – what do you disrupt?
Mortgages sit at the intersection of real estate and finance; two of the most highly regulated, complex, and archaic industries. As a result, UK homeowners are collectively overspending £29bn each year by being on the wrong mortgage.
Our technology brings greater transparency and simplicity to the process to plug this gap and ultimately make home ownership more affordable.
Typically anyone looking for a mortgage will do one of three things:
- Speak directly to a handful of individual banks that only offer their perspective on the market and so are inherently biased.
- Use online comparison sites to display an overwhelming number of options that then require specialist knowledge to compare accurately.
- Choose between one of the 20,000 high-street brokers to handle their application with no guarantee of quality or consistency of service.
People who already have a mortgage just don’t want to go through it all over again when they remortgage. We recently conducted a national survey that found that 69% of people don’t switch mortgages once the introductory fixed term has ended, costing UK’s homeowners an average of £2,844 per year.
We believe that finding, securing and managing a mortgage should be straightforward, accessible, and fee-free. At Trussle we’re building a service that ticks all those boxes.
Are you funded?
We raised a £1.1m round in January 2016, led by Robin and Saul Klein’s LocalGlobe. Others joining the round included Ed Wray, co-founder of Betfair, Ian Hogarth, co-founder of Songkick, and Jonathan Galore, co-founder of Wealthfront.
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In February 2016, Zoopla Property Group announced an exclusive partnership and investment in Trussle.
What were you doing before starting?
With a background in real estate and finance, I thought I’d be capable of going through the process myself when looking to get on the property ladder. But after a month wasted with banks, brokers and comparison sites, I was left frustrated, hundreds of pounds out of pocket, and without a mortgage.
I didn’t want to be restricted to bank options, nor overwhelmed with a confusing list of thousands. I just wanted to know three things: What can I afford? Which mortgage is right for me? When should I switch to avoid getting ripped off?
I couldn’t believe that for such an important decision, there was no way to get this information at my convenience and without paying an unreasonable amount to someone that would appear to know something I didn’t.
So I founded Trussle to make this traditionally cumbersome process smarter, faster and more transparent than anything else.
What the best thing about where you’re based?
Sharing an office with such an established and well-connected venture capital firms like LocalGlobe, you’re constantly being introduced to leading players in their respective fields.
Expanding our network has fast-tracked many of our early challenges; it just goes to show how powerful a good network can be.