Jinesh Vohra, founder of the shopping cashback app Sprive, secured a £50,000 investment on Dragons' Den from three dragons in exchange for five percent equity in his business, according to reports. The investment has been described as 'transformational' for the company, which has doubled in size, sources said.
Sprive is a shopping cashback app that helps users pay off their mortgage faster, according to multiple reports. The app works with major supermarkets including Asda, Morrisons and Tesco, as well as other big name chains, sources said. It is free to use and partners with lenders such as HSBC, Lloyds, Barclays, Santander, RBS, Virgin Money, Halifax, NatWest, Yorkshire Building Society, Accord Mortgages and TSB Bank, according to reports. Sprive is regulated by the Financial Conduct Authority (FCA), sources said.
We've effectively doubled in size, and it has been amazing to see so many people connect with our mission of helping homeowners pay off their mortgage faster through everyday shopping. On a personal level, the best part was sharing the experience with my boys and watching it with them. Seeing how proud they were meant everything to me. Hopefully it shows them that anything is possible.
During the Dragons' Den pitch, which lasted about an hour and a half, Jinesh Vohra was in the studio for around seven hours, according to reports. Peter Jones was the first dragon to say he would back the company, sources said. Vohra will work with Touker Suleyman, Deborah Meaden and Peter Jones to further develop the app, according to reports. According to Daily Express - Finance, Vohra described the dragons as 'hugely trusted when it comes to money and business' and said their backing sends a strong signal that Sprive is credible.
One user, Eleanor, started using Sprive in 2022 while interest rates were rising quickly, according to reports. According to Daily Mirror - Main, Eleanor described buying a £200 gift card for her main grocery shop at the start of each month and another mid-month. She also used Sprive for Christmas shopping at M&S, B&M and Primark, sources said. Eleanor is on track to save £20,000 and cut three years off her mortgage by using Sprive, according to reports.
The BBC team were fantastic and did a lot to make sure we felt comfortable, but the day itself was still incredibly intense. I was in the studio for around seven hours, and the actual pitch and questioning lasted about an hour and a half. It’s a long, draining day, with bright lights, cameras in your face and no retakes, so you really have to stay composed under pressure. I’m proud that I managed to hold my nerve.
Most lenders let you overpay by around 10% of your outstanding balance per year without incurring fees, according to reports. The exact cashback percentage Sprive offers on gift cards has not been disclosed, nor has the total number of users. Specific financial details from the Dragons' Den pitch remain private.
The dragons are hugely trusted when it comes to money and business, so for them to really challenge me, dig into the detail and then still say they wanted to back Sprive was massive. It sends a strong signal that Sprive is credible, legitimate and a business people can trust with something as important as their mortgage.
All of them were really nice. I'm a big football fan, so even thou
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.