RVU, which is part of the ZPG group of companies that includes Zoopla has agreed to buy mortgages broker Mojo for an undisclosed sum via a subsidiary, signalling its move into the online mortgage broking market.
The firm, which operates USwitch, Confused.com and Money.co.uk, has completed the purchase.
Mojo is a free mortgage broking service that’s particularly popular with first time buyers for its ‘get mortgage ready’ app, Mortgagescore.
It was started three years ago by founders Richard Hayes and Nick Sherratt.
Although the purchase price has not been disclosed, Mojo’s most recent accounts show it owed parent company Life’s Great Group Ltd, which has been helping finance its launch and development, some £3.6 million while the company overall has received seed and Series A funding of £7.6 million.
RVU says the deal will enable it to go deeper into mortgage intermediation and ‘own the full journey across all customer touch points, from the moment they seek information and advice, to applying and securing a mortgage’.
Tariq Syed, CEO of RVU (main pic), says: “Digitalisation has been sluggish in the mortgage sector but together with Mojo we will have the teams and the tools to supercharge the process and give consumers the experience they deserve.”
Richard Hayes (pictured), Co-founder and CEO of Mojo Mortgages, says: “This significant next step in our journey makes that vision a reality on a scale we could have only dreamt of back then. We’ll look to revitalise the UK mortgage ecosystem while creating remarkable digital experiences for both our colleagues and our customers.