In-Focus Interview Series with Jinesh Vohra, CEO and founder of Sprive
Building an app that helps anyone be mortgage free - an interview with the CEO & Founder of Sprive, Jinesh Vohra
Jinesh Vohra paid off his mortgage by the time he was 32, saving £70,000 in the process. Now he’s launching an app that will give anyone the tools to pay off their mortgage faster.
“I really would like to help millions of people be mortgage free”, says Jinesh Vohra the founder of a new app called Sprive that is about to launch across the app store."
His idea for Sprive was born out of his own experience; when he first started paying off his 25-year mortgage, he was shocked by how much he was being charged in interest.
As a result, Vohra made sure he and his family focused on putting any spare cash they had towards paying off their mortgage. They managed to do it in just 4 years, saving £70,000 in interest payments.
Both he and his wife were in well paid jobs at the time with Vohra working at the leading investment bank Goldman Sachs. This financial background gave him the tools he needed to create Sprive.
“The idea is super easy”
Sprive works in a similar way to FinTech apps like Plum, Moneybox and Chip where users save up a small amount each week to contribute to something like a holiday, wedding, or investment. With Sprive, you save up each month to pay off your mortgage faster.
Overpaying on your mortgage means that you’ll have to pay less money in interest as the size of your total pot decreases.
“You'd be amazed, just by saving something like £3 to £5 pounds per day can save you crazy amounts of money in the long run,” says Vohra.
Less than half of UK homeowners make these overpayments on their mortgage each year, according to Which? research.
Sprive wants help these people pay off their mortgage sooner and save huge amounts of money in the process, according to Vohra. As it stands, more than 3 million people in the United Kingdom are expected to have a mortgage past the national retirement age.
“The idea is super easy,” says Vohra, “Users link their bank account, we automatically set money aside without impacting their lifestyle; one tap and the money goes straight to the lender.”
Sprive is integrated with the top lenders in the UK like Barclays, Santander and NatWest.
The company is currently working on an algorithm that scans the market 24/7 to find a cheaper mortgage deal for its customers. This is how Sprive will make its money. Every time the app helps a customer get a better deal Sprive will earn commission from the bank or lender.
Building an app in lockdown
According to Vohra, Covid-19 has meant most companies are trying to go digital so demand for talented developers has gone through the roof.
“Recruiting the best people has been a big challenge,” says Vohra, “One thing I miss most from my corporate life at Goldman is that if I needed a lawyer or a tax specialist, I had a directory of numbers to call. But when you’re starting a company for the first time, you’ve got to build that black book yourself.”
“As a first-time entrepreneur, you try to find mentors and advisors who’ve been there and can help you avoid mistakes. But at the same time, you're building something that no one has ever built before.”
Sprive launches October 2nd.
The In-Focus interview series is a collection of articles commissioned by Atara Partners with some of the world's fastest-moving technology businesses and their leaders.
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