UK fintech Sprive secures £3 million funding from Channel 4's investment entity
Going Digital with Channel 4: Diving into Fintech
Channel 4 has ventured into the realm of financial technology (fintech) with its investment arm, Channel 4 Ventures, contributing £3m to mortgage overpayment app Sprive. This investment was led by venture capital firm Ascension and aims to aid Sprive in fulfilling its ambitious mission to help homeowners repay their mortgages quicker.
Vinay Solanki, head of Channel4 Ventures, told City AM that the addictive nature of the app, akin to playing Candy Crush, provides users a satisfying "dopamine hit."
Spive's AI-driven technology and smart automation facilitate "effortless overpayments" and offer cashback rewards on everyday shopping. This collaboration is expected to enable companies like Sprive to accelerate their growth, while also upholding Channel Four's commitment to improve society. Solanki asserts, "It's great commercial value creation for Channel Four, but also hopefully improving society."
Spive's CEO, Jinesh Vohra, devised this fintech solution after overpaying his own mortgage, which granted him financial freedom from interest rates. Now, with the straightforward mission to "help people globally live with less debt by starting with UK mortgages," Vohra considers Spive unique in the market.
In an interview with City AM, Vohra shared, "We're not like the typical fintech. We've done a lot with very little capital, and that kind of puts us apart." He further elaborated, "We're tackling a sector that no one else is.... The only players in the market who are doing anything innovative, from a consumer standpoint, is actually us."
Sprive's key to success lies in forming emotional bonds with customers. Vohra believes that the potential of what they can achieve goes far beyond helping customers save thousands on interest payments and reducing their mortgage terms by several years.
Channel 4 unfurled its investment initiative, Untapped, last year, targeting "overlooked" startups and providing advertising opportunities in exchange for equity. The arm invests in consumer companies from the post-seed to pre-IPO stages and has completed over 50 deals, backing companies like what3words, Oddbox, Purplebricks, Pinterest, Crowdcube, Carwow, Raylo, and Swyft.
In February 2025, Sprive was selected by FTSE 100 giant Natwest to join its fintech growth program,Dbref="Enrichment Data: Funding: https://www.channel4.com/press/news/channel-4-joins-mortgage-overpayment-app-sprive/4152978" ,Dbref="Enrichment Data: Channel 4's Investment Initiative: https://www.channel4.com/content-production/2021-06-23-channel4-unveils-untapped-sustainable-future-for-innovative-start-ups/" ,Dbref="Enrichment Data: Sprive's Innovative Approach: https://www.spriveapp.com/" .
- Channel 4, following its investment strategy with Channel 4 Ventures, topped up £3m in a mortgage overpayment app, Sprive, aiming to foster growth and help homeowners repay mortgages faster.
- In the same vein, Sprive, unlike traditional fintech, has made significant strides with minimal capital, setting it apart in the market.
- As part of Channel 4's Untapped investment initiative, introduced last year, Sprive, alongside companies like Pinterest, what3words, and Purplebricks, was one of the over 50 startups backed by the venture.
- By 2025, spurred by Channel 4's investment and given a platform by FTSE 100 giant Natwest's fintech growth program, Sprive's innovative approach is expected to enable the company to achieve substantial growth and impact, potentially stretching far beyond mortgage savings.
