PEXA has announced that it has processed £100m in UK remortgage transactions through its platform.

The fintech behind the "world’s first digital property exchange process" said that this growing demand for its technology comes after it demonstrated its ability to help complete complicated buy-to-let remortgages at least 10 days faster than without the technology, including a case which was completed in just 36 working hours.

PEXA said this was an improvement on the typical four to eight weeks borrowers usually wait for the process to finalise.

The news comes after a year of growth for PEXA, with PEXA Pay having now been tested with 11 institutions and adopted by both Hinckley & Rugby Building Society and Shawbrook Bank. It has also made progress in partnerships with Metro Bank and NatWest.

The fintech firm has also launched the Future Property Transactions Group, a pilot initiative that brings together industry stakeholders to drive progress towards more streamlined property transactions for all players in the ecosystem.

Having focused on the remortgage process this year, PEXA’s sale and purchase proposition is currently in development and is planned to roll out later in 2025.

UK chief executive officer at PEXA, Joe Pepper, said: "Our mission is to keep driving the digital transformation that the industry desperately needs to better support conveyancers and lenders, and we can only do that in partnership with key players.

"With major banks on board and as we gear up for our planned sale and purchase launch in 2025, we are primed to streamline the property transaction process for the whole market."

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