Company: Molo Finance
Founder(s): Francesca Carlesi
Description: The UK’s first fully digital mortgage lender.
About Molo Finance
Molo, developed in 2017, is the UK’s first, fully-digital mortgage lender – meaning that they are the first player to offer mortgages underwritten fully online. Molo utilises the power of technology to make real-time lending decisions via a digital, seamless and transparent journey to give customers quicker answers, and a better overall experience.
Molo exists solely to fix what is fundamentally broken in the mortgage market – inefficiency, slow processes and a lack of transparency to name a few. The co-founders asked themselves the key question: “If we had to design mortgages today for the first time, thinking only about the customer, how would we do it?”.
In August and September 2020, Molo’s pipeline of buy-to-let mortgage applications exceeded £500m. This provided evidence of the growing popularity of digital lending, as well as highlighting the convenience of the digital model.
In October, the fintech raised a further £266 million in debt and equity funding after a series A equity funding round. Recent announcements include a partnership with Dynamo last December, which came as Molo is now accepting let-to-buy mortgages to provide its customers with further flexibility when pursuing buy-to-let.