Zoopla Property Group’s (ZPG) home products and services comparison division, Red Ventures (RVU), has acquired Manchester-based digital broker Mojo Mortgages for an undisclosed sum, as it diversifies into the UK mortgage market.
Mojo Mortgages, co-founded by Richard Hayes and Nick Sherratt, will now receive fresh leads though ZPGs other websites. The broker currently partners with some 70 lenders.
As part of the deal, which is subject to regulatory approval, all 60 of Mojo’s employees will join RVU.
In the long-term, Tariq Syed, CEO of RVU, which operates Uswitch, Confused.com and Money.co.uk, told the press that the plan is to multiply Mojo’s adviser count by “five to ten times”.
Syed said: “Millions of mortgage seekers are coming to us through trusted sites like Money.co.uk, Uswitch and Confused.com. Owning every part of the process means we can improve their experience from start to finish. This is a unique fusion of capabilities, combining our growing audiences with the most advanced digital broker in the UK.
“Digitalisation has been sluggish in the mortgage sector but together with Mojo we will have the teams and the tools to supercharge the process and give consumers the experience they deserve.”
Richard Hayes, co-founder and CEO of Mojo Mortgages, added: “We’re delighted at the prospect of joining the RVU team and are looking forward to working with some exceptional people and amazing household brands.
“Three years ago, we started Mojo with a clear vision to make everyone feel more confident about finding a great mortgage deal. This significant next step in our journey makes that vision a reality on a scale we could have only dreamt of back then. We’ll look to revitalise the UK mortgage ecosystem while creating remarkable digital experiences for both our colleagues and our customers.
“Alongside RVU, we’ll be at the forefront of positive change for the UK mortgage market. We can’t wait to get going.”
Did anyone think to ask how mortgage services offered at portal level will benefit agents who earn income from mortgage services?
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I’ll second that… Taking away income from agents won’t go down well!
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BIG DATA suppliers competing with small data customers is just a madness.
The income opportunities for insurance, mortgages and other financial services belong to the agents who make the opportunity apparent, the income opportunity of utilities, gas, water, leccy and broadband the same. The Pinterest opportunities of paint, wallpaper chintz and stuff (Boomin) is another matter.
Portals have to decide how they earn from the services they provide, they can’t hope to charge a monthly subscription and then stick their snouts in the revenue trough as well.
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Bad move ZPG, you should have left this one off of your buying spree.
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