Legal & General has made a £3 million investment in Smartr365, a software-as-a-service supplier to the UK mortgage intermediary market.
The Smartr365 platform takes the administrative heavy lifting away from advisers, typically condensing 10 hours of work down to just one hour through the provision of a range of digital tools to speed up the collection of data and cement long term relationships between advisers and their customers.
The three-year old firm says it will use the new financing to continue the development of LendrConnect: a mortgage application programming interface (API) service available to everyone in the market allowing all brokers to submit mortgages, direct to lenders at the touch of a button, with no re-keying of data.
Legal and General’s MD of Fintech, Nick Frankland, who will join the board of Smartr365 as a non-executive director, comments: “Within the fintech business in Legal & General we look for opportunities to help markets on the journey from analogue to digital, especially where the customer experience can be improved as well. Smartr365 offers us the perfect platform to combine both of these aims and help the entire mortgage industry.”