London-based cloud-native mortgage origination platform Mast Technologies has raised £1.2 million in a funding round led by Antler VC.
Angel investors including founders of Booking.com, Monzo and ThirdFort, and senior executives from Pivotal, VMWare, Jones Lang Lasalle, and Airwallex joined the round.
Mast has built a cloud-native origination platform that promises to put an end to the days of borrowers waiting up to 60 days to receive an offer on their mortgage application. Launched in November, the technology has so far helped to process over £50 million of applications.
The new funding will allow Mast to continue the development of its customisable underwriting workflow tools and Policy Engine to help automate more of the origination journey.
Joy Abisaab, CEO, Mast, says: "Over the last 15 years we’ve seen dramatic innovation across the financial landscape, but mortgage lending technology has lagged behind the improvements made to consumer services. Now is the time to bring lending technology up to speed."