Mortgage broker Trussle, previously backed by Goldman, is now under the ownership of OneDome.
UK-based OneDome Acquires Digital Mortgage Broker Trussle to Streamline Homebuying Process
In a significant development, OneDome, a British company specializing in property and fintech services, has announced the acquisition of Trussle, a digital mortgage broker once backed by Goldman Sachs. The deal, expected to revolutionize the UK homebuying process, is reportedly subject to approval from the City regulator.
According to our sources, the transaction will see OneDome buy Trussle from US-listed Better Home & Finance Trading Company. Trussle, operating under the name Better.co.uk, was founded in 2015 and raised nearly £30 million through funding rounds. Its sale in 2021 may reportedly value the company at a significant discount compared to its previous funding valuation.
Babek Ismayil, founder and CEO of OneDome, issued a statement expressing his excitement about the acquisition. "Trussle has built an excellent team and a reputation for innovation and customer focus," he said. "Our shared vision is to make buying a home simpler, faster, and less stressful."
OneDome has been working towards facilitating one in ten UK housing transactions within five years. With the acquisition of Trussle, the combined group aims to handle over £3.5 billion in annual mortgage lending and process roughly 1,100 property transactions each month. The combined workforce will number approximately 230.
The acquisition is strategic for OneDome, aligning with its goal of offering a more connected homebuying experience. By combining Trussle's digital mortgage services with OneDome's existing mortgage, legal, and insurance services, customers can expect a faster and more streamlined process.
This development follows previous strategic acquisitions by OneDome, including CMME in 2020, Coreco in 2023, and Nethouseprices in 2021. The goal is to provide a comprehensive, one-stop solution for UK homebuyers.
remains to be seen how this acquisition will impact the UK housing market and homebuying experience. Potential benefits include a simplified process, increased accessibility to mortgage options, increased competition, and broader economic implications such as influencing housing market dynamics.
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Sources:[1] OneDome press release[2] Financial Times, "OneDome to buy digital mortgage broker Trussle"
Investing in Trussle, a digital mortgage broker, will enable OneDome to offer a more connected personal-finance solution for home buying, potentially streamlining the process and increasing accessibility to mortgage options. With the combined workforce handling over £3.5 billion in annual mortgage lending, the business is poised to influence the UK housing market and homebuying experience, contributing to a more competitive and dynamic economic landscape.
