£1.5M backing for leads firm with inhouse brokers
Share
Octopus Ventures has invested £1.52m in Money Workout, an online lead generation firm with an in-house brokerage.
Money Workout generates £1bn worth of mortgage enquiries per month and is headed by managing director Matt Andrews, formerly managing director of sub-prime consumer sales at Merrill Lynch.
Andrews says the firm’s proposition is based on providing lenders with a lower cost alternative to their own direct marketing channels.
It has a regulated broker team that qualifies leads, which Andrews says offers the same level of service as a broker and allows it to pass leads to lenders on a direct-only basis and still receive commission.
He says: “Our leads convert at 70% to agreements in principle at less than half the cost of lenders’ own costs of processing enquiries.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
