Mojo Tests Remortgaging Feature with Monzo
Mojo Mortgages is testing a new feature with Monzo to help their customers remortgage more easily.
Monzo customers who want to remortgage will be able to compare personalized mortgage deals and book advice calls with a mortgage expert, all from the Monzo app, and all after answering just 12 questions. The service is currently being tested with 2,000 Monzo customers.
“We’ve loved working with Monzo to bring to life a new way of getting a remortgage. By utilising our partnership APIs, Monzo can offer their customers a fully extensive range of personalised deals and access to free real-time mortgage advice, all from within the Monzo app. There’s nothing else like it in the market and we expect to set a new benchmark in terms of what customers expect from a mortgage experience.” – Eddie Ross, chief product officer at Mojo.
Refresher: Established in 2017, Mojo is an online mortgage broker and a team of 50 people. It has raised over $10m since its inception.
Bottom Line: “55,000 people open a Monzo account every week”… because it’s free; and that’s all the motivation users need. Vice versa, ‘free’ is all the motivation fintechs need to make up for revenue by expanding into other products such as travel insurance.