MQube will “decouple” its technology and lending arms in a restructure following a strategic review, with its lending arm set to be divested.
As part of the restructure, MQube said it would “focus solely on its technology business” and was “positioning its proprietary AI-native platform for expansion across global markets”.
The company is exploring “divestment options” for MPowered Mortgages, the technology firm’s lending arm, and is appointing a corporate adviser to carry out the process.
Consequently, MPowered Mortgages will no longer be accepting new loan applications, and all existing mortgage customers and broker partners will be “fully supported” through the transition. Customers are being “proactively” contacted, the firm said.
MPowered Mortgages has delivered over £1.3bn in prime lending since it was launched in 2019.
In a statement on its website, MPowered Mortgages said that by the end of 2024, it was recognised as the “largest non-bank lender in the prime residential mortgage market, celebrated for our speed, service, and innovation”.
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“This decision will allow MQube to take the proven technology that has powered our success onto a global scale – digitalising, automating, and accelerating mortgage origination across new markets,” it noted.
The lending arm’s key achievements, MQube said, include setting the standard for the one-day mortgage in the UK and tokenising £1.3bn of mortgage debt into blockchain.
Stuart Cheethamn (pictured), CEO of MQube, said: “The growth of both MQube and MPowered has been truly phenomenal, supported by a fantastic team of people, our MQube and MPowered family. MPowered has shown what’s possible when cutting-edge technology meets high-quality mortgage lending.
“The team has set new standards for speed, efficiency, and customer experience. Our focus now is on making that technology available to lenders around the world. This move will enable both businesses to achieve their full potential.”
