Aviva Ventures and Sesame Bankhall Group (SGB) have partnered to create a blockchain–based protection platform, called Acre Software. The startup is backed by £5 million in seed funding from the two companies.
Acre is actually a new generation insurance and mortgage platform that has been supported by Aviva and Sesame with the goal of revolutionizing the mortgage market. Aviva Ventures is an insurance company, while Sesame Bankhall Group is a financial adviser. The mortgage application process is usually a long and a slow one, so what Acre will try to do is consolidate the process and make it easy for customers to apply.
The problem comes from the fact that there are many different steps to be completed while applying for a mortgage and the process is burdensome. The founder of Acre commented:
“Buying a house is one of the biggest financial transactions a person can make, yet the process is slow, opaque and fragmented, which is increasingly out of step with consumer expectations. We’re changing this -levelling the playing field for brokers using innovative tech, while putting an informed consumer at the center of the mortgage process.”
The comment was reported by Cityam.com. Acre was actually developed through Founders Factory. The Factory helps start-up companies with product development, capital and market insights. The volume of the transactions in Acre’s platform is actually provided by Sesame Bankhall Group.