Sprive raises £5.5m to help UK homeowners pay off mortgages faster

By Gloria Methri

UK-based mortgage overpayment app Sprive has secured £5.5 million ($7.3m) in a funding round led by Ascension, with backing from Channel 4 Ventures, Velocity Capital, and Two Magnolias. This fresh capital will fuel Sprive’s mission to help Britons accelerate mortgage repayments, reduce interest costs, and regain financial control at a time when household debt in the UK is at record levels.

With mortgages accounting for 80% of UK household debt and the cost of borrowing at multi-decade highs, Sprive addresses a growing demand for smarter mortgage management. Unlike traditional lenders, Sprive encourages homeowners to get out of debt sooner, rather than deeper into it.

Jinesh Vohra, CEO of Sprive, said, “Sprive is set to have a huge positive impact on our customers’ finances, as our average user is already on track to slash three years off their mortgage term, collectively saving our users more than £100 million in interest alone. We are proud to offer the fastest way to financial freedom for the homeowner, and we’re determined to help as many as possible achieve it.”

Sprive’s app helps users overpay their mortgages via:

• Everyday spending round-ups
• Automated surplus cash contributions
• Market scans for better remortgaging deals

This consumer-first model stands in contrast to struggling UK digital mortgage brokers like Habito, Trussle, and Mojo. Sprive has kept customer acquisition costs low, grown through word-of-mouth, and now plans to scale through mass media exposure, leveraging Channel 4’s TV and streaming reach.

The fundraise comes amid rising concerns around long-term mortgage lending. Former UK Pensions Minister Sir Steve Webb recently highlighted the trend of 1 million+ mortgages extending past retirement age, calling it a “ticking time bomb” for financial security in later life.

Founded three years ago, Sprive has quietly built traction in the FinTech space. Natwest’s recent selection of Sprive for its inaugural FinTech growth programme underlines growing institutional confidence in its approach.

Ascension, the round’s lead investor, brings a proven FinTech track record, having backed firms like Tembo, Wagestream, SuperFi, and Credit Kudos (acquired by Apple). Their impact-driven focus aligns closely with Sprive’s goal to reduce the UK’s household debt burden.