Unmortgage, the ‘part own, part rental’ housing startup, loses founder and CEO – Internet

Unmortgage, the ‘part own, part rental’ housing startup, loses founder and CEO – Internet 1

Unmortgage founder and CEO Rayhan Rafiq-Omar (centre) has departed the companny

Unmortgage, the London-based startup that wishes to let folks purchase as little as 5 p.c of a house and hire the remainder, has misplaced its founder and CEO, Internethas discovered.

In accordance with a regulatory submitting on Corporations Home, Unmortgage’s Rayhan Rafiq-Omar was terminated as a Director on 4th of May, and has been changed on the board by Unmortgage co-founder and product lead Josef Wasinski.

Nonetheless, sources inform me the board room reshuffle is the results of Rafiq-Omar leaving the startup completely, which is certain to return as a shock to London’s fintech and property tech group. It’s not clear why he has departed, though one supply tells me it wasn’t of his personal volition.

Rafiq-Omar is known as on Corporations Home as an individual of “significant control” of Unmortage, with a share possession of greater than 25% however no more than 50%, and voting rights of greater than 25% however no more than 50%. He was additionally the driving pressure behind Unmortgage and in conversations I’ve had with the departing CEO over the previous few years, I all the time bought the impression he was not solely decided to assist repair the housing market but in addition wished to construct a enterprise for the long run.

The corporate seemed to be off to a good begin, too, having raised a hefty £10 million seed spherical to funds its operations. Backing the spherical was fintech enterprise capital companies Anthemis Exponential Ventures (which misplaced its personal CEO final yr amid accusations of inappropriate behaviour), and Augmentum Fintech plc. Individually, Unmortgage had managed to court docket institutional funding to fund the acquisition of property, which was on the coronary heart of its mortgage different mannequin. In different phrases, there may be some huge cash at stake.

Declining to debate the particular causes for his departure, Rafiq-Omar gave Internetthe following assertion:

“Unmortgage is a real zero to at least one story – an innovation that impressed many to affix me on a journey to revive hope in homeownership. I’m immensely proud to have created one thing from nothing during the last 4 years. Nevertheless it’s the robust instances that actually outline us. And people round us.

So if there’s one factor I’d such as you to cite me on, if you happen to do write this story, it’s my deepest due to my household and buddies throughout this private {and professional} set-back. My dad and mom and my spouse Sofi have actually stepped as much as assist me emotionally. And a particular thanks also needs to go to [Rentify’s] George Spencer, James Micklethwait and my companions at Allianz World Traders: Adrian Jones and Irshaad Ahmed. Their friendship right now has been vital to me.”

I’ve reached out to each Anthemis and Augmentum Fintech and can replace this put up if and when I hear again.

In the meantime, an Unmortgage spokesperson supplied the next assertion:

“As Unmortgage enters the following stage of its development technique, it has strengthened and restructured its senior workforce to mirror the wants of the enterprise.

“Hugh Boyle has been appointed as CEO and might be main Unmortgage day-to-day because it gives a brand new path to homeownership for the tens of millions of people who find themselves at present locked out of the market. Hugh is the Former Worldwide Division CFO and CEO of MBIA UK Insurance coverage, subsidiary of MBIA Inc. He might be supported by Nigel Purves, COO, Conrad Holmboe, CIO and Co-founder Josef Wasinski.

“Having founded the business alongside Josef and Nigel, we look forward to Ray playing a pivotal advisory role as Unmortgage continues its journey to help aspiring homeowners via our innovative gradual homeownership product.”

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