Jump to content

Draft:MPowered Mortgages

From Wikipedia, the free encyclopedia

MPowered Mortgages
Company typeTrading name
Industry
Founded2021; 3 years ago (2021)
HeadquartersGuildford, England, UK
Key people
  • Stuart Cheetham (CEO)
  • Richard Fitch (Deputy-CEO
OwnerSpring Financial Group Limited
Number of employees
63
Websitempowered.co.uk

MPowered Mortgages is a British intermediary-only prime residential mortgage lender, headquartered in Guildford, England.[1][2][3] The company expanded with its automated mortgage decisioning platform into the prime residential mortgage market in February 2022, following its initial launch in 2021.[4][5][6]

MPowered Mortgages is authorised by the Financial Conduct Authority (FCA).[7]

History[edit]

MPowered Mortgages was established in 2021 as the lending arm of MQube, founded in 2016 by Stuart Cheetham, formerly the CEO of Lloyds Bank Asia and Richard Fitch, a former banker at HBOS and Crédit Agricole.[8] MQube offers property technology, financial technology and forward-flow solutions to banks, building societies and investment banks.[9]

In April 2019, the company secured seed funding from specialist deeptech investors AV8 Ventures, IQ Capital and Jamjar Investments[10] with further investment to fund mortgages in 2020.[11] Following that, MPowered Mortgages launched into the complex buy-to-let market in March 2021.

In August 2021, the company secured institutional investment from Barclays, M&G Specialty Finance and Citigroup's SPRINT.[12][13] Additional funding allowed MPowered Mortgages to expand its operations with an initial launch into the prime residential mortgage market in February 2022 before its whole-of-market expansion a year later in February 2023.[14]

Technological Innovation[edit]

MPowered Mortgages was the first UK-based mortgage lender to develop a fully-automated mortgage decisioning platform, using artificial intelligence and deep learning to process client data and broker inputs.

In 2023, MPowered Mortgages rolled-out a suite of free generative AI-based[15] broker support tools including CriteriaGPT, an online chatbot to resolve residential lending criteria queries and MarketingAssist, a content generator for independent mortgage intermediaries.

References[edit]

  1. ^ Symcox, Jonathan (17 August 2023). "How AI is exchanging delays for speed in mortgage industry". businesscloud.co.uk. Business Cloud. Retrieved 3 January 2024.
  2. ^ Hewitson, Jessie. "Click and get a home loan in seven minutes". The Times. Thomson Corporation. Retrieved 3 January 2024.
  3. ^ Cook, James (30 November 2019). "Why investors are pumping millions into the UK's booming 'proptech' industry". The Telegraph. Telegraph Media Group Limited. Retrieved 3 January 2024.
  4. ^ "MQube launches AI-powered mortgage platform to transform lending". mortgagefinancegazette.com. Mortgage Finance Gazette. 18 March 2021. Retrieved 3 January 2024.
  5. ^ Carter, Jake. "MQube launches AI-powered mortgage platform". Mortgage Introducer. KM Business Information UK Ltd. Retrieved 3 January 2024.
  6. ^ Steed, Les (3 May 2022). "Exclusive: MPowered enlists AI to produce complex residential underwriting in seconds". Mortgage Solutions. mortgagesolutions.co.uk. Retrieved 3 January 2024.
  7. ^ "Spring Financial Group Ltd". fca.org.uk. Financial Conduct Authority. Retrieved 3 January 2024.
  8. ^ "About". MQube.com. Spring Financial Group Ltd. Retrieved 3 January 2024.
  9. ^ "About MPowered". MQube.com. Spring Financial Group Ltd. Retrieved 3 January 2024.
  10. ^ Palmet, Maija (7 November 2019). "AI that can make mortgage decisions in 15 minutes". sifted.eu. Sifted EU Ltd. Retrieved 3 January 2024.
  11. ^ Basul, Alara (7 November 2019). "Fintech mortgage lender M:QUBE raises £5m". UKTN. MEDIA VENTURES INTERNATIONAL LIMITED. Retrieved 3 January 2024.
  12. ^ Symcox, Jonathan (17 August 2023). "How AI is exchanging delays for speed in mortgage industry". Business Cloud. Retrieved 3 January 2024.
  13. ^ Steed, Les (3 May 2022). "Exclusive: MPowered enlists AI to produce complex residential underwriting in seconds". mortgagesolutions.co.uk. AE3 Media. Retrieved 3 January 2024.
  14. ^ Jones, Rozi. "MPowered launches prime residential range to whole-of-marke". financialreporter.co.uk. Barcadia Media Limited. Retrieved 3 January 2024.
  15. ^ Steed, Les (3 May 2022). "Exclusive: MPowered enlists AI to produce complex residential underwriting in seconds". mortgagesolutions.co.uk. AE3 Media. Retrieved 3 January 2024.

Category:British companies established in 2021

Retrieved from "https://wiki.riteme.site/w/index.php?title=Draft:MPowered_Mortgages&oldid=1219564595"