Mortgage platform, Smartr365, has reached a pre-money valuation of £50m and announced that it is to receive new funding from investors.

Legal & General has provided additional funds having supported the firm since 2018.

Smartr365 currently has 3,500 broker clients following growth of more than 500% in 2021, and the business is forecast to hit 8,000 users before the end of the year.

Following the latest round of investment, Smartr365 revealed it will onboard new partners and integrate Experian’s work report tool, which will allow users to access payslips and deliver an automated income verification process for the first time. This follows Smartr365’s integration of Experian’s open banking and credit referencing services in December 2021.

Smartr365 founder and CEO, Conor Murphy, said: “This is an exciting time for Smartr365, with this latest investment demonstrating our strong position in the market and propelling our continued fast growth.

“The combined expertise and market impact that Smartr365 and Legal & General have make this investment a strong strategic fit, and we are excited to integrate further capabilities into our market-leading platform. Together, our services are continuing to revolutionise the market for brokers, introducers, lenders and buyers.

“We have always believed that a fully automated customer journey is the future of the industry and I am delighted that we have been able to turn this vision into reality.”

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