UK Financial Group SBG Backs Acre Software With A $6.5 Million Boost For New Mortgage Company
United Kingdom Financial Group Backs Acre With A $6.5 Million Boost For New Mortgage Tech Company
One of the UK’s newest tech startups Acre has officially pulled in roughly $6.5 million to fund their mortgage technology. The new tech will be built on blockchain based software for the purpose to help those in the industry. Along with Mortgages, the technology is designed for insurance company needs as well.
The major startup capital came from a UK company called SBG. SBG, standing for Sesame Bankhall Group expects a massive return on investment from the new tech. Somewhere in the realm of $4.5 million a year is the projected revenue for the new company. Acre is also working one on one with SBG’s more than 10,000 advisors. With the help of the advisors, the hope is the software will be ideal for the people who are using it.
One main purpose of the new startup is to improve security in the insurance and mortgage sectors, which are as of now considered to be highly susceptible to corruption. Blockchain technology used by Acre will help create a more secure atmosphere for mortgage and insurance packages, which are in dire need of heightened security. Decentralization ensures that information will be mostly impervious to corruption from outside hackers, as well as increase settlement processing speeds. Other banks in Switzerland have already started using similar technology backed by blockchain and crypto to keep their information and data secure.
What do you think? Will blockchain technology improve mortgage security and will banks start to use it for their purposes?