Sprive raises $10M to route cashback into mortgages

London-based Sprive has raised $10 million in a funding round to expand an app that converts card cashback and rewards into extra mortgage payments, the company announced.

Users link debit and credit cards to Sprive, which tracks cashback from qualifying transactions. The software routes those rewards either to mortgage principal or schedules additional payments, with the stated goal of shortening loan terms and reducing total interest paid.

Sprive uses machine learning to analyze spending patterns and users’ mortgage terms to determine when extra payments will have the most effect. The platform produces projections of interest savings and payoff timelines so users can see how cashback contributions alter repayment schedules.

Sprive confirmed the new capital will pay for engineering hires to refine the AI models, build integrations with more banks and card networks, expand customer support, and strengthen compliance and secure data connections needed to work with mortgage servicers and financial institutions.

The app targets homeowners carrying mortgage debt who earn cashback or rewards and prefer those funds applied to loans rather than separate savings. Sprive markets the product as an automated way to make incremental mortgage contributions without changing everyday spending.

Since launch the company reports growing user numbers and has opened discussions with several mortgage servicers to enable direct posting of cashback to loan accounts rather than routing funds through intermediaries. The firm did not disclose investor identities or a valuation, and said the round included institutional and private participants.