Sprive raises £7.6m led by Ascension and Channel 4 Ventures
This article covers Sprive, a fintech startup, which has closed a £7.6m series A funding round to scale its mortgage app that redirects everyday cashback into automatic mortgage overpayments. The development aims to help homeowners manage mortgage costs by converting routine spending into overpayments and affects borrowers and the broader UK mortgage sector.
Sprive, a fintech startup, has closed a £7.6m series A funding round to scale its mortgage app that redirects everyday cashback into automatic mortgage overpayments. The raise, led by returning backers and joined by new investors, matters because the company says it has turned cash flow positive and is already processing hundreds of millions in customer spend while tackling household mortgage costs at a time of elevated interest rates.
Why it matters
The UK mortgage sector remains central to household finances and many borrowers face higher costs after recent rate rises. Sprive positions itself as a behavioural tool that nudges routine spending into mortgage overpayments, potentially reducing interest and loan terms without changing borrowers’ budgets. The company reports 567,000 registered users, support for roughly £42bn of mortgages and an estimated customer benefit that includes £26m of reduced balances and more than £300m in potential interest savings.
Those metrics are paired with commercial traction: Sprive says revenue has grown more than 25-fold since January 2025, annualised spend processed through the app has reached £328m, and the business is cash flow positive with an annual revenue run rate above £18m. The new capital brings total funding since launch to more than £11.3m.
Inside the product
Sprive’s app links cashback from everyday shopping to mortgage overpayments, automating transfers that reduce outstanding balances and interest. It also monitors the mortgage market so users can identify and switch to cheaper deals. The approach relies on small, frequent customer actions rather than large one-off payments, aiming to change long-term repayment behaviour.
The company’s growth figures — especially the jump in processed spend and registered users — suggest the model has found product-market fit among a segment of homeowners. Sprive also raised a seed round in 2025 and appeared on the BBC’s Dragons’ Den earlier this year, events that likely helped consumer awareness.
Who are the investors?
The round was backed by existing investors and new participants. Returning backers include impact investor Ascension, broadcaster-owned Channel 4 Ventures and the Velocity EIS Technology Fund. New investors named in the round are consumer-focused Active Partners, Wealth Club, Rank Ventures and a group of angel investors described as having deep fintech experience.
Ascension is an impact investor that targets technology with systemic consumer benefits. Channel 4 Ventures is the commercial investment arm of the broadcaster. The Velocity EIS Technology Fund is an enterprise investment scheme fund that backs early-stage tech businesses. Active Partners focuses on consumer-facing businesses, Wealth Club operates an investment platform, and Rank Ventures invests across early-stage opportunities.
In the announcement, Jean de Fougerolles, managing partner at Ascension, said:
Sprive is a great example of the businesses Ascension wants to back. Technology that changes the systems we all rely on in everyday life. For most people, a mortgage is the biggest financial commitment they’ll ever make, yet managing it is still surprisingly passive. Sprive is changing that, starting with mortgages and ultimately giving people a much easier way to take control of debt more broadly.
Since we invested, the user base has grown 10x and last month 1.2% of mortgaged homeowners shopped through Sprive. With 8.5 million owner occupied mortgages in the UK, the headroom from here is significant. We’re excited about what that could become at scale: a platform that genuinely changes people’s relationship with debt and gives households more control over their money.
If you're researching potential backers in this space:
- Explore our list of fintech venture capital firms in the UK
- Browse our directory of fintech angel investors in the UK
Founder perspective
In the announcement, Jinesh Vohra, founder and CEO at Sprive, said:
Given the cost-of-living crisis, with mortgage rates going through the roof, and borrowers being pushed into extending their mortgage terms in cases well into retirement, the ability to use your weekly shop to reduce your mortgage interest, and ultimately the term of the loan, is hugely appealing. Over time these payments can really add up.
The fact that even in this tough investment market we managed to pull off this Series A raise is a huge vote of confidence, particularly as so many of our previous backers had no hesitation coming back for more. With these new funds under our belt, and having convincingly shown the viability of our product and our business, we are now in a strong position to step up our marketing push significantly and accelerate both customer acquisition and revenue growth.
Vohra, who co-founded Sprive in 2019 with Saad Hashim after careers at Goldman Sachs, plans to use the capital to accelerate marketing and user acquisition now the unit economics and revenue trajectory are demonstrably positive.
The bigger picture
Sprive sits at the intersection of fintech and consumer debt management, a space that has drawn interest from both impact-focused and commercial investors. The product reflects a broader trend of fintechs aiming to change everyday financial behaviours rather than only offering new lending or saving products.
The round also signals continued investor appetite for UK fintech companies that can show clear user engagement and revenue pathways. For homeowners and policymakers, tools that encourage active mortgage management could matter as rates and retirement implications remain a concern.
This funding round is another data point in the UK's fintech ecosystem: investors are willing to back businesses that combine consumer-facing product design with measurable financial outcomes, and that approach may influence similar propositions across Europe.
They've invested in Sprive
Get to know these fintech investors
| Investors | Investment Focus | Startup Investments | Round Size | Connect |
|---|---|---|---|---|
 Ascension Ventures( ) Ascension is a leading UK venture capital firm focused on empowering tech innova... London  | ||||
 Channel 4 Ventures( ) This venture capital firm invests in consumer brands, employing a media-for-equi... London | ||||
 Velocity EIS Technology Fund( ) | ||||
 Active Partners( ) Active Partners is a consumer-focused investment firm that partners with visiona... London | ||||
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