Moneysupermarket, a UK-based price comparison portal, has inked an agreement with the founders of HD Decisions to set up a new joint venture (JV) to digitising the traditionally paper-based mortgage market in the country.
The new entity called Podium will operate as an onsite mortgage broker.
Using Podium, the users will be able to compare and apply for a mortgage online without requiring visiting a broker’s site. For every product sold through its site, Moneysupermarket would be paid a fee by the lender.
Moneysupermarket CEO Mark Lewis said: “We all know finding a better mortgage is complicated. Customers are already looking to us for help with mortgages.
“We said we would do something about this and today we announce Podium, a new mortgage fintech, to build a comparison tool to bring customers the digitisation of mortgages – an easier and better way to arrange the mortgage that suits them.”
Podium is part of Moneysupermarket’s ‘Reinvent’ strategy to speed up core growth and expand into new market segments.
As part of the strategy, the company is also building an app to help users save money on household bills in one place.