The Macclesfield-based company recently received £7 million funding from NVM Private Equity and Maven Capital Partners alongside other investors and plans to use the money to grow its market share.
Richard Hayes spoke at BusinessCloud’s tech investment breakfast event on Friday and said Mojo was taken advantage of the fact the UK’s mortgage market was ‘broken’.
Mojo, which is short for ‘mortgage journey’, uses an algorithm to match the specific needs of customers against more than 20,000 mortgage products to find the right one.
The current iteration of Mojo was only launched in April 2018 by Hayes and Nick Sherratt and has already helped nearly 50,000 people and saved customers £4m in broker fees.
“Mojo is a mortgage journey - if a business is willing to call itself Mojo then they are definitely doing something a bit different in our opinion,” Hayes told BusinessCloud.
“[The old mortgage system] was convoluted and broken with no end-to-end experience.
“It had multiple different people that you have to speak to, multiple different relationships that you had to manage, in-access to inaccurate pricing, inaccurate comparison tables, a lack of insight into the right product for you, and a distinct lack of transparency that is probably prevalent in all financial services in the UK.
“The UK mortgage market is that massive that we've got a big piece of pie to go after here, we've got a massive problem to solve and we can solve the problem of millions of UK customers by staying in the UK.”
Mojo Mortgages was a rebrand from previous title Life’s Great in 2018. The business now has a workforce of 66 and currently has a run rate of £1.3m.
He added: “It's growing quite significantly so our annual run rate by January 2020 will be about £6m.
“In terms of value I genuinely believe we could be a half a billion pound business.
“We are exceptionally agile in our thinking and in our way that we build technology - genuinely speaking we are a fully-fledged FinTech.
“At our core we are technology focused, we're a mission led business and we are genuinely focused on creating a better mortgage experience. We're focused on a better experience for the customers that come to Mojo Mortgages.”
Hayes was one of a number of entrepreneurs to speak at BusinessCloud's Insight Tech Investment, at UKFast, which was sponsored by Praetura Ventures and watched by an audience of more than 110 people.