Deposit alternative service Zero Deposit has revealed significant new investment as its founder - ex-Zoopla commercial director Jon Notley - takes a step back from leading the company on a day to day basis.
The funding round sees investment from existing shareholders including Connells, LSL, Acorn Group, Knight Frank, Zoopla and a range of financial investors along with participation from the government-backed Future Fund.
There's also brand new investment from independent agency group Andrews, which adds its 50-plus offices to the Zero Deposit network.
After four years at the helm, founder Jon Notley will be taking a step back, moving into a non-executive role.
Sam Reynolds, who joined the Zero Deposit exec team in mid-2019, will move into the chief executive role.
“The last four years have been an amazing experience, with us stamping Zero Deposit as the clear market leader in the fast developing deposit replacement market. I would like to take this opportunity to thank my team, all of our investors - now including Andrews - and our partners who have helped us to get where we are today” says Notley.
“Sam was the obvious choice to steer Zero Deposit through the next exciting chapter of our story; bringing a wealth of senior marketing, product and commercial experience from a number of high growth businesses. Sam has made a massive impact since joining and I look forward to seeing the company develop under his leadership” he continues.
Meanwhile David Westgate, group chief executive at Andrews, says buying into the Zero Deposit business was an obvious progression for his agency.
“We have witnessed first hand the potential of the deposit replacement market as our partnership with Zero Deposit has developed. Having bought into the team and their vision, investing in the business was a natural next step. We expect the market to continue to evolve and develop over the coming years, with Zero Deposit leading the way.”