Travers Smith LLP has advised digital mortgage lender Molo on a forward flow arrangement as part of its £266 million debt and equity fundraising. The investment was led by Macquarie Group and Patron Capital, a pan-European institutional investor focused on property-backed investments, while the equity round was led by Yabeo, an international venture capital firm.
Molo is the UK’s first fully-digital mortgage lender, being the first to offer mortgages underwritten fully online. The funding will be used to help the company grow its online lending business which is currently available to individual and limited company buy-to-let customers. Molo has received significantly higher volumes of online mortgage applications since the mortgage market reopened and developed a £500 million pipeline of business in August and September. Molo will also use the funding to invest in its technology and the development of new products.
The Travers Smith team was led by Finance Partner Charles Bischoff with support from Senior Associates Natalie Scoones and Daniel Domb.
Francesca Carlesi, CEO and co-founder of Molo commented "We are proud to have reputable players like Macquarie, Patron and Yabeo on our team. This additional backing is a sign of trust in Molo and we are grateful to have had the support of Travers Smith as we seek to revolutionise the mortgage market."
Finance Partner Charles Bischoff added "We are delighted to have had this opportunity to continue our relationship with Molo. In what has been a challenging year for many businesses, it is very exciting to work on a transaction that is a hugely positive step for Molo and will support its continued growth."
Simmons & Simmons advised Macquarie. Hogan Lovells advised Patron Capital.