Aviva Ventures and Sesame Bankhall Group have just made their first step into the blockchain world with the launch of a new technology firm start-up called Acre software.
For those that don’t know, Aviva Ventures and Sesame Bankhall Group are both UK-based financial capital institutions that invest in both digital and new tech businesses.
Their new start-up, Acre Software is a mortgage protection and general insurance platform that utilises the power of blockchain technology which brings together all the components of mortgage advice processes, as well as the volume of transactions which is provided by Sesame Bankhall Group.
The Acre platform was developed thanks to Founders Factory which is an organisation that offers support for start-up firms, as well as assisting with product development, market insight and capital.
John Cowan is the chairman of Sesame Bankhall Group who commented on the new venture saying, “After undertaking a comprehensive 12-month review of the market, we concluded that we could no longer ignore the new competitive threats circling around our profession.” He then went on to talk on the new partnership with Aviva saying, “working with Aviva Ventures, we saw an opportunity to turn the threat posed by new disruptive technology on its head.”
The managing director of Aviva Ventures, Ben Luckett has said:
“Acre is a fantastic example of the kind of fintech business we want to help nurture. They have identified a market which could be improved through technology and they’ve gone for it by securing a very large distribution partner, which is often the missing ingredient for success. I’ve really enjoyed watching the company develop, and the investment we’re announcing today will allow them to build their team further and realise their full potential.”
The chief executive and founder of Acre Software, Justus Brown has also spoken on the new platform saying:
“Buying a house is one of the biggest financial transactions a person can make, yet the process is slow, opaque and fragmented. We are changing this by levelling the playing field for brokers using technology.”
Acre is planning to improve the mortgage and insurance application processes for their clients with blockchain.