- Online mortgage broker Dynamo is launching in the UK.
- The startup is backed by Countrywide, the UK's largest estate agency group, and venture builder Blenheim Chalcot.
- Dan Cobley, Google's former UK MD and Blenheim Chalcot's head of fintech, is chairman.
- ClearScore, another startup founded by Blenheim Chalcot, sold for £275 million last month.
LONDON - A new digital mortgage broker backed by estate agency group Countrywide and venture builder Blenheim Chalcot is launching on Tuesday.
Dynamo provides mortgage advice online and compares deals from High Street banks and challengers alike. The licensed startup will begin by serving only customers looking to remortgage.
Dynamo has been developed by Blenheim Chalcot, a London-based "venture builder" that develops and funds startups in-house. Its most recent success was free credit checking service ClearScore, which was sold to Experian for £275 million last month.
ClearScore was cofounded by Dan Cobley, the former UK MD of Google who now heads up fintech operations at Blenheim Chalcot. Cobley, who spoke to Business Insider about the venture builder model last month, serves as chairman of Dynamo.
Dynamo CEO Seb McDermott described the current, paper-heavy mortgage system as "antiquated" in a statement.
"People tell us that they see the process as a necessary evil, daunting and stressful," McDermott said. "We are committed to making the mortgage process easy."
Blenheim Chalcot worked with Countrywide, the UK's largest estate agent group, to develop the Dynamo concept since early last year. Countrywide, which owns chains such as Bairstow Eves and Hamptons International, is an investor in Dynamo, although the exact amount is undisclosed.
Peter Curran, financial services managing director at Countrywide, said in a statement: "As the UK's largest broker, we believe that more and more of our customers want choice in how they apply for their mortgage. Dynamo gives them the online solution.
"The combination of Countrywide's deep mortgage industry knowledge, insight and relationships, together with Blenheim Chalcot's record of building disruptive fintech, such as Clearscore, has allowed us to create Dynamo."
Dynamo competes with other online mortgage broking startups such as Trussle and Habito.