Coronavirus: Goldman-backed Trussle in talks about fundraising | Business News

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An online mortgage broker backed by Goldman Sachs, the Wall Street banking giant, is in talks to raise millions of pounds in funding amid expectations that the coronavirus outbreak will halt more than half a million housing transactions in Britain this year.

Sky News understands that Trussle, which launched just over four years ago, is in talks with investors including Goldman about a new funding round.

The company is also exploring the possibility of becoming one of the first applicants for taxpayers’ money through the Future Fund, the government-backed vehicle which is expected to launch this week.

The size of Trussle’s anticipated fundraising was unclear on Monday.

It last raised money in January, when it announced a £7.5m capital increase led by a division of the Dutch lender, Rabobank.

Trussle has sought to position itself as a consumer champion, saying it wants to help address statistics it has cited suggesting there are more than 2m people losing out on an average of £4,500 a year by being on the wrong mortgage.

Goldman became a shareholder in the business two years ago.

Simon Williams, Trussle’s chairman, said: “We’re continuing to make good progress at Trussle during these challenging times.”

The housing market has suffered an activity slump amid the coronavirus crisis

He said that Ian Larkin, who took over as chief executive in March, had “had a huge impact on the business”.

“It’s never been a more important time to help customers manage their finances,” he said.

“When coronavirus hit, Trussle shifted its focus onto remortgage customers, and as a result April was one of its strongest months to date in terms of new submissions to lenders.”

Mr Williams said that Trussle’s investors remained supportive of the company.

“At the same time, we are always assessing opportunities to accelerate growth and we will consider the Future Fund when the details are published.

“This could be a great opportunity for the government to support the UK’s most innovative start-ups.”

The Future Fund will enable growth companies to apply for up to £5m of public money, with the loans converting to equity at a discount to the most recent funding round if they are not repaid.

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