RVU, owner of Uswitch, Confused.com and Money.co.uk, eyes a UK mortgages sector shakeup after snapping up online mortgage broker Mojo Mortgages.
Manchester-based Mojo Mortgages offers personalised mortgage recommendations through a hybrid of smart tech and human mortgage experts.
Its MortgageScore tool, which uses open banking data from credit bureau Credit Kudos, combines information on credit and employment history as well as spending habits, deposits saved and income to provide users with an individual ‘score’.
Around 70,000 people a month use the service to get a personalised mortgage recommendation from 70-plus lenders across the market.
Currently, RVU’s Uswitch, Confused.com and Money.co.uk offer consumers the ability to compare and switch across a range of utilities and financial services products including mortgages.
However, the agreement to buy Mojo will enable the company to delve deeper into mortgage intermediation and ‘own the full journey across all customer touch points’.
Richard Hayes, co-founder and CEO of Mojo Mortgages, said: “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’re delighted at the prospect of joining the RVU team and are looking forward to working with some exceptional people and amazing household brands. We’ll look to revitalise the UK mortgage ecosystem while creating remarkable digital experiences for both our colleagues and our customers.”
The acquisition is subject to regulatory approvals and customary closing conditions.