Sprive, a mortgage overpayment app, has secured £7.7 million in a Series A round from Ascension, the Velocity EIS Technology Fund, Channel 4 Ventures, Active Partners, Wealth Club, Rank Ventures and a number of angels with deep fintech backgrounds. The round takes the total raised since launch to more than £10 million.
The app lets homeowners chip away at their mortgage without changing how they spend. Customers pay for everyday shopping through Sprive, and the cashback they earn is automatically used to overpay their mortgage, cutting the interest they pay and in some cases shortening the term of the loan. The app also scans the market, allowing customers to switch to cheaper mortgage deals.
To date, customers have cut their mortgage balances by £26m and stand to save over £300m in interest. Sprive now has 567,000 registered users and supports some £42bn of mortgages. Ascension says 1.2% of mortgaged homeowners shopped through the app last month, against a UK market of 8.5 million owner occupied mortgages.
Founded in 2019 by two former Goldman Sachs bankers, Jinesh Vohra and Saad Hashim, Sprive featured earlier this year on the BBC television programme Dragons' Den, after completing an earlier seed round in 2025. Revenue growth has since accelerated to more than 25 times since January 2025, with annualised spend through the app up 35 times over that period to £328m. Sprive recently turned cash flow positive with an annual revenue run rate of more than £18m.
The new funding will support a significantly larger marketing push, with the aim of accelerating customer acquisition and revenue growth.
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.
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.
