Blockchain Startup Acre Software Raises $6.5M USD In Funding From Aviva And SBGbr>
Blockchain mortgage startup Acre Software has secured a £5 million ($6.5M USD) investment from UK financial adviser Sesame Bankhall Group (SBG) and insurance giant Aviva.
Based in the UK, Acre Software is a team of product specialists, with a wealth of experience re-envisioning legacy systems to build best in class new experiences. It was born out of Founders Factory, an organization that offers a startup incubator which assists with product development, market insight and capital. The startup aims to rebuild the UK’s £1.4 trillion mortgage market from the ground up. The firm is using blockchain to bring together all the components of the mortgage advice process into one unchangeable “record of the transaction,” putting brokers back in control of their business and offering a seamless, faster journey for consumers.
Justus Brown, CEO/founder of Acre Software and former Founders Factory Chief Product Officer, said that buying a house is one of the biggest financial transactions a person can make, yet the process is slow, opaque and fragmented, which is increasingly out of step with consumer expectations.
“We’re changing this – levelling the playing field for brokers using innovative tech, while putting an informed consumer at the centre of the mortgage process,” Brown said. “We are thrilled to have SBG’s distribution muscle and industry expertise, along with Aviva and SBG’s financial support at our disposal on this journey.”
Ben Luckett, Managing Director, Aviva Ventures, said that they invested in Acre Software because the startup has identified a market which could be improved through technology and they’ve gone for it by securing a very large distribution partner, which is often the missing ingredient for success.
“I’ve really enjoyed watching the company develop, and the investment we’re announcing today will allow them to build their team further and realize their full potential,” Luckett said.