Unmortgage, a UK-based home financial services provider, has raised £10m ($14.3m) in seed funding from a consortium including Anthemis Exponential Ventures, a partnership backed by financial services provider MMI, TechCrunch has reported.
Anthemis Exponential, formed by MMI vehicle Exponential Ventures and financial services investment and advisory firm Anthemis in April 2017, was joined by Augmentum Fintech, an investment trust that focuses on financial technology.
Unmortgage runs a service enabling users to rent a home they part own, paying an initial 5% deposit and getting the option to switch over to a full mortgage. The company, which will part own the homes in its portfolio, intends to fully launch the service in 2019.