In July 2021 Maven exchanged contracts on the sale of Mojo Mortgages to RVU, which is part of the Zoopla Property Group owned by the US private equity firm Silverlake. Based in Manchester, Mojo is a free online mortgage broker which delivers personalised mortgage recommendations through a hybrid model of smart tech and human mortgage experts. The company has more than 60 employees has won numerous industry awards for innovations such as MortgageScore, an app designed to help first-time buyers get ‘mortgage ready’.
RVU is the owner of the well-known consumer comparison sites Uswitch, Confused. com and Money.co.uk The agreement to acquire Mojo will enable RVU 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.
The Maven VCTs first backed the team at Mojo in February 2019 and have supported the expansion of the business over a series of funding rounds. The investment has helped deliver Mojo’s ambitious growth plans and further evolve its unique and intuitive platform, which provides an empowering experience for consumers looking for a new mortgage or associated insurance products. The sale remains subject to regulatory approval and is projected to deliver a total return for the Maven VCTs of up to 1.8x cost on completion.
Three years ago, we started Mojo with a clear vision to make everyone feel more confident about finding a great mortgage deal. 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.
Richard Hayes, CEO at Mojo Mortgages
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