Sprive Closes $10M Series A for Cashback Mortgage Overpayment App
Sprive Closes $10M Series A for Cashback Mortgage Overpayment App #
UK fintech Sprive has completed a $10 million (£7.7 million) Series A funding round, bringing total capital raised to more than $15 million.
The round included returning investors Ascension, Channel 4 Ventures, and the Velocity EIS Technology Fund, along with three new backers: Active Partners, Wealth Club, and Rank Ventures. Sprive said the proceeds will go primarily toward marketing and customer acquisition.
Jinesh Vohra and Saad Hashim, both former Goldman Sachs executive directors, founded Sprive in 2019. The app lets users earn cashback when spending at more than a thousand retail partners, including Tesco, Sainsbury’s, and Amazon, and automatically directs those rewards toward mortgage overpayments. It also uses open banking data to monitor the mortgage market and alert users when a better rate is available, earning commission when customers remortgage through the app.
Revenue has grown more than 25-fold since January 2025, and annualised customer spending through the app has risen 35-fold to £328 million over the same period. The company’s annual revenue run rate now exceeds £18 million, and Sprive says it has recently turned cashflow positive. It claims to have saved users more than £300 million in interest charges in aggregate.
Sprive has 567,000 registered users and says its platform supports approximately £42 billion worth of mortgages across 16 UK lenders, including HSBC, Barclays, and NatWest. The company appeared on BBC One’s Dragons’ Den earlier in 2026, where it secured backing from Peter Jones, Deborah Meaden, and Touker Suleyman.
Ascension managing partner Jean de Fougerolles said in the announcement that he began using the app during his own due diligence process and has since directed his shopping rewards toward his mortgage. Channel 4 Ventures head Vinay Solanki described Sprive as a solution to an everyday consumer problem and said there is no reason why every UK residential mortgage holder should not be using it.
Elevated interest rates have pushed more homeowners to look for ways to reduce their mortgage balances faster. Sprive’s model converts retail spending rewards into mortgage principal payments without requiring users to budget separately, placing it among a group of fintechs that combine consumer loyalty programs with household debt reduction.
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