Sprive launched in 2021 and is regulated by the Financial Conduct Authority (FCA). The app partners with over 2,500 brands including John Lewis, and works with lenders including HSBC, Lloyds, Barclays, Santander, RBS, Virgin Money, Halifax, NatWest, Yorkshire Building Society, Accord Mortgages, and TSB Bank. According to Metro - Main, founder Jinesh Vohra described the importance of trust in financial services and expressed amazement at securing investment from three Dragons on Dragons' Den.
Sprive raised £5,500,000 in funding a year before appearing on the show, where Vohra secured investment from Peter Jones, Deborah Meaden, and Touker Suleyman for 5% equity and £50,000. " Most lenders allow overpayments of around 10% of the outstanding balance per year without fees. According to Daily Mirror - Main, Eleanor described using Sprive for grocery shopping and Christmas purchases, and expressed a goal to overpay more once nursery fees reduce.
The power of three Dragons and the Dragons you’ve got – that’s pretty serious.
I wanted five, but unfortunately two Dragons backed out. The Dragons have so much trust. When it comes to financial services, trust is so important. I’ve never built a business. I had a corporate job. To get three was just amazing and the three Dragons who have been on the show for a long time, it’s just out of this world.
Most people don’t realise, a lot of people taking out mortgages now, for every £1 you borrow, it can be £3 in interest. It’s scary amounts over the lifetime of a mortgage. If you think about it, most people spend a lot of what they earn. When you can turn every single shop into a mortgage overpayment, it’s massively impactful.
At the start of each month, I buy a £200 gift card for my main grocery shop, followed by another mid-month. It means I always have one ready and waiting - especially helpful when doing a food shop with two young kids in tow. I also used Sprive for my Christmas shopping - food orders from M&S and purchases at B&M and Primark.
Once we’re no longer paying extortionate nursery fees, our goal is to overpay as much as possible and cut even more off the term and interest to get mortgage free even sooner.