- Move to deliver leading end to end mortgage experience to broader customer base
RVU, owners of Uswitch, Confused.com and Money.co.uk, is taking on the UK mortgages sector by agreeing to acquire Mojo Mortgages.
Mojo, based in Manchester, is a free online mortgage broker, delivering personalised mortgage recommendations through a hybrid of smart tech and human mortgage experts. The growing company of over 60 employees has won numerous industry awards for innovations such as Mortgagescore, an app designed to help first-time buyers get ‘mortgage ready’.
RVU operates digital brands that empower people to make confident decisions. In the UK these include Uswitch, Confused.com and Money.co.uk, all of which offer consumers the ability to compare and switch across a range of utilities and financial services products including mortgages.
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.
Tariq Syed, CEO of RVU, said: “Millions of mortgage seekers are coming to us through trusted sites like Money.co.uk, Uswitch and Confused.com. Owning every part of the process means we can improve their experience from start to finish. This is a unique fusion of capabilities, combining our growing audiences with the most advanced digital broker in the UK.
“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, Co-founder and CEO of Mojo Mortgages, added: “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.
“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.
“Alongside RVU, we'll be at the forefront of positive change for the UK mortgage market. We can't wait to get going.”
The transaction is subject to regulatory approvals and customary closing conditions.
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Formed in May 2018, RVU operates international digital brands that empower people to make confident decisions. With offices in London, Cardiff, Madrid, Paris, Mexico City and Gurgaon, RVU reaches millions of consumers around the world, solving everyday complex problems through outstanding experiences.
RVU is jointly owned by US-based Red Ventures, a global group of influential brands, digital platforms and strategic partners, as well as Silver Lake, GIC and PSP Investments.
About Mojo Mortgages
Mojo Mortgages is an award-winning free online mortgage broker that's empowering customers to make more confident mortgage choices and changing the way they are done for the better.
Around 70,000 people a month use Mojo to get a personalised mortgage recommendation -their best deal on the market. It takes a matter of minutes and swaps old paper-based processes and stressful meetings for jargon-free, fee-free, simple clear honest explanations and advice.
Mojo Mortgages is authorised by the Financial Conduct Authority (FCA). Financial Services Register number: 478215