Trussle has hired a new boss, two months after its founder suddenly left the UK’s first online mortgage broker.
The London-based startup has appointed Ian Larkin (pictured) as chief executive, who the company said brings “vast experience in retail and commercial financial services”.
Larkin comes from business software services firm Target Group, where he spent five years as chief executive.
He replaces former chief executive Ishaan Malhi who left the firm in January, after co-founding the business in 2015 in a bid to simplify the £1.5bn mortgage loan market.
Trussle’s new boss wants to simplify mortgage buying
The fintech said Larkin has previously held senior roles at Lloyds Banking Group, Virgin Money management consultant McKinsey and professional services firm Accenture.
Trussle chairman Simon Williams oversaw the two-month search for a new leader following the departure of Malhi, a former Bank of America Merril Lynch mortgage analyst.
Williams said: “Ian’s vast experience in retail and commercial financial services, and his expertise in growing businesses and enhancing customer propositions will be an important part of our success. We are at a pivotal stage of Trussle’s journey and look forward to working closely with Ian to build on our vision of making home ownership more accessible to everyone.”
The online broker competes against such rivals as Habito, MortgageGym and Dashly.
Larkin said: “The home ownership journey is one of the most stressful experiences that consumers face, yet not enough has been done to simplify the process for both homeowners and lenders. There’s a tremendous opportunity to leverage technology to transform home financing and mortgage distribution, making the market work better for homeowners and lenders.”
Trawling mortgage deals
Trussle was established in a bid to streamline the lengthy process of applying for a mortgage, particularly if customers are self-employed, or have broken work histories. It says more than two million people lose out on an average of £4,500 a year because they are on the wrong mortgage.
The firm’s technology constantly searches through 12,000 deals of around 90 lenders to alert homebuyers to money-saving switching opportunities.
In January, the business landed £7.5m of funding from Dutch investment fund Rabo Frontier Venture, as well as existing Siminvestors Goldman Sachs Merchant Banking Division, Finch Capital and San Francisco-based Propel Venture Partners.
Loss-making Trussle has attracted a total of £26.7m of investment over the last five years.