Zoopla Group has agreed to purchase UK-based online mortgage brokerage company Mojo for an undisclosed sum.
Mojo uses a combination of automation and human brokers to deliver free mortgage advice and matching services developing a MortgageScore product which is particularly popular among potential first-time buyers. The Macclesfield-based company was founded in 2016 and currently has around 60 employees according to Linkedin. The firm's last funding round came in 2019 when a Series A round lead by Maven Capital Partners and NVM Private Equity netted Mojo £7 million according to Crunchbase.
The deal is being done through Zoopla Group's RVU division which already owns and operates similar companies such as offer aggregators Confused.com, Uswitch and Money.co.uk. Although run separately from the company's property portal operations, it is very likely that Mojo's offering will be incorporated into the Zoopla.co.uk website in some incarnation.
Speaking of the deal, 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.”
Zoopla Group is not the only portal operator to have acquired a mortgage brokerage firm recently. Back in May, leading Australian portal operator REA Group announced that its A$244 million deal for mortgage brokerage firm Mortgage Choice had cleared regulatory hurdles.