Blockchain Project Acre Receives GBP 5 Million from Aviva Insurance and Sesame Bankhail Group
Acre, a blockchain startup located in the United Kingdom (UK), was able to secure a £5 million investment form Aviva Insurance and Sesame Bankhail Group (SBG). The main intention behind this investment is to allow the company to keep growing and develop its services further. The information was released by The Telegraph on April 2.
Blockchain Startup Acre Receives £5 Million Investment
Aviva is a multinational insurance company that has 33 million clients in 16 countries. The firm, jointly with Sesame Bankhall Group, were able to provide £5 million in a funding round of Acre. This funding will allow the startup to continue developing its services.
The firm has implemented a blockchain solution that helps mortgage brokers recording the transaction elements of the entire mortgage application process. This information includes data regarding buyers and sellers of property.
Acre will be working in order to expand its platform and make it much more robust than before. In this deal, SBG Brokers will be accessing the mortgage service, the protection and the general insurance platform developed by Acre.
SBG Brokers is one of the most important and recognized mortgage brokers in the UK. The company was able to handle £41 billion in mortgages just in 2018. The firm has 10,000 financial advisers. The new partnership between Acre and SBG will help the firm become one of the largest blockchain-based mortgage brokerage platforms in the United Kingdom.
Justus Brown, the CEO, and Founder of Acre Software commented on the matter:
“Purchasing a home is one of the most important financial transactions people make, yet the process is slow, opaque and fragmented, which is increasingly out of step with consumer expectations. Acre is focused on levelling the playing field for brokers using blockchain technology, while also putting an informed consumer at the centre of the mortgage process.”
There are some companies and big players in the market that have doubts about the potential of the groundbreaking blockchain technology. Nonetheless, some other large companies and players have been embracing technology in order to improve their services and products.