UK Fintech Sprive Raises £5.5M to Accelerate Mortgage Repayments

UK fintech Sprive, a mortgage overpayment app, has raised £5.5 million in a funding round led by Ascension and joined by Channel4Ventures, Velocity Capital, and Two Magnolias. Sprive uses AI and smart automation to help homeowners pay off mortgages faster by automatically directing spare cash and cashback rewards from everyday shopping toward mortgage overpayments. With 80% of UK household debt in mortgages and rising interest rates, Sprive aims to reduce household debt and interest costs, offering users a path to greater financial freedom. The app claims its average user can cut three years off their mortgage term, collectively saving over £100 million in interest. Recently selected for NatWest’s fintech growth programme, Sprive has distinguished itself in a sector where traditional lenders often discourage overpayments. Channel 4 Ventures highlighted Sprive’s potential to address major societal challenges by helping more people become debt-free.