Digital mortgage broker doddl has announced new investment to fund expansion of activities.
Since its launch in July 2019, doddl.ie says it has assisted customers with over €1bn in residential mortgage applications.
With c.40 staff, doddl.ie is led by Martina Hennessy and Gráinne Forbes.
The funding round - described as in excess of €1m - includes investment from NSN Investments, controlled by Michael Nolan and Steven Scott, and Andrew Murphy’s Merleview Ltd.
Both NSN and Merleview will appoint directors to the board at Mortgage Horizons Ltd, the regulated entity of doddl.ie.
In Association with
Michael Nolan was previously involved in the sale of Cove Energy to Thailand’s PTTEP in 2012, while Steven Scott is a founding partner at UK private equity investment group Penta Capital.
Andrew Murphy has supported a number of start-ups and scale-ups in recent years, including Robotify Labs as co-founder which was acquired in late 2021.
He previously founded Slainte Healthcare, which incorporated Claimsure Ireland, an Insuretech solution for healthcare, and Vitro Software, a medical records application.
“This funding is a great endorsement of the doddl business and of the team behind its growth in recent years,” said Martina Hennessy, doddl.ie CEO.
“It will allow us to further develop our mortgage offering and to deliver a world-class digital experience to our customers by implementing the latest technologies, from Open Banking to Artificial Intelligence.
“Doddl has achieved a high level of success by anticipating a shift in how consumers prefer to engage with financial services providers, providing an industry-leading digital application process supported by a team of top mortgage experts and access to all major mortgage lenders in Ireland.
“We see a huge opportunity to support Irish consumers through the challenging home buying process by making the mortgage application experience simpler, less stressful and more transparent.”
Hennessy established Mortgage Horizons in 2004 after a brief spell with PwC.
The company had turnover of €2m in 2021, a 65% advance on the previous year.
Pre-tax profit for the period was €320,000, and company net worth grew from €330,000 to €600,000.
