Welsh mortgage comparison service raises more investment

Rateswitch, a fintech start-up based in Cardiff, has secured £50,000 in investment and ongoing mentorship after winning This Is Money’s Great British Entrepreneur Challenge.

The company, which has developed a mortgage rate comparison website, was praised by the organisers of the challenge for helping British homeowners save thousands of pounds annually.

As well as investment, the firm will also receive support from seasoned entrepreneur and investor Andy Yates. He has a portfolio of high-growth start-ups, including Perkbox – which is valued at £75 million.

Andy launched The Great British Entrepreneur Challenge to find talented business stars and innovators from across the UK. In total, 12 companies reached the final of the competition.

He praised Rateswitch for the work it’s doing to help consumers find the best home prices. “The mortgage market is broken – with too many homeowners paying too much every month,” he said.

“I invested in Rateswitch to fix it – and save families up and down the country thousands of pounds a year. Together we can transform the mortgage market and homeowners lives.”

Founded in 2016, Rateswitch has already helped hundreds of homeowners find the most affordable mortgage rates – with people saving as much as £2,400 a year.

Lee Flavin, founder of Rateswitch, said the continued investment and support will allow his firm to help even more people. “Winning the Great British Entrepreneur Challenge and securing Andy Yates’ means that we can help so many more homeowners save money,” he said.

“RateSwitch’s mission is to free mortgage prisoners across the UK. Homeowners no longer need to be afraid to change their mortgage if their personal circumstances have changed.

“Our mortgage experts can switch them for free, with no hassle and within hours – and homeowners can start saving immediately.”