Money Workout secures £1.52m funding

Octopus Ventures has invested £1.52m into Money Workout, a web enabled service provider which offers to generate high quality leads for lenders, even those offering direct only deals.

Money Workout already generates £1bn mortgage enquiries per month and says this is rising fast.

It matches the customer with the best available mortgage product in the market and accesses true whole of market mortgage products, including all direct products.

It says with its ability to process leads cost-effectively and ensure the best product for the customer, it is able to pass on leads to lenders that are offering only direct products.

The company’s value proposition is based upon providing lenders with a significantly lower cost alternative to their own direct marketing channels. It says the quality of leads it generates currently converts at 70% to an AIP, at less than 50% of the cost of the lenders own marketing and variable costs of processing the enquiry.

Having initially acquired a lead, the company’s online tool properly qualifies the enquiry, collecting specific data to ensure the enquiry meets the criteria of the lender. The regulated call centre then filters the customer to the same level of a broker, resulting in low cost mortgage applications that convert at 70% to an acceptance in principle, for less than the price of most lead providers telephone verification service.

Matt Andrews, managing director of Money Workout, says: “Through effective use of technology, call centre efficiency and the quality of our team, Money Workout is dedicated to the delivery of a better way for consumers and lenders to connect. We are already talking to £1bn of home movers per month, and lenders are receiving customers at a lower cost than their own marketing, which convert better than a customer walking into one of their branches.

“We already speak to more customer in the home moving market than any other UK broker, the investment enables us to help more customers find the right solution, and helps lenders acquire customers that convert at a cost that improves margin in these challenging times.