Mast - the startup that's turbocharging mortgages
by Startacus Admin
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London-based fintech startup Mast builds cloud-native mortgage technology to help streamline the mortgage process and help both lenders and borrowers alike.
It’s an acknowledged fact that the property ladder is becoming harder to get onto, but when you do manage to scrape together enough money to put down a deposit on your own home, you need a mortgage. These come with their own problems and hassles, not least of all how long it can take to get any response to a mortgage application, making many people uncertain if they’re even going to get a response. This can be due to rigid origination processes, in which making corrections, asking clarifications, checking documents, etc., wastes a lot of time.
London-based fintech startup Mast has created a cloud-native origination platform to streamline the process and support both borrowers and lenders. Mast can speed up the whole process of lending so that borrowers can access the money faster (and be less likely to lose out on their dream home because of something outside of their control), and lenders can process more applications without expending more resources. Real-time feedback means that unsuitable applications will be caught and stopped long before they otherwise would, and bespoke packaging makes things even more tailored to help the work go even quicker.
Payment is usage-based, meaning that you don’t buy a product that later requires a paid upgrade, and the more you use Mast, the more income the startup makes, so they have a vested interest in maintaining the best service possible. And the fact that the platform has helped process more than £50 million worth of mortgage applications suggests that they are doing just that.
In June, Mast announced that it had raised £1.2 million in funding in a round led by Antler VC, with participation from angel investors including the founders of Booking.com, Monzo and ThirdFort, as well as senior executives from Pivotal, VMWare, Jones Lang Lasalle, Airwallex, and more. The funding will go towards improving the platform and further automating the origination process.
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Published on: 11th July 2022
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