Venture capital investor Augmentum Fintech said it had invested £2.5m in UK-based residential rent-to-own specialist Unmortgage, as part of a £10m fundraising.

Augmentum was participating in the fund raising alongside existing investor Exponential Ventures, and other investors.

Unmortgage would offer a unique part-own part-rent model of home ownership, requiring as little as 5% deposit with customers paying a market rent on the portion of the home that Unmortgage owns.

The would also have the ability to increase the equity in the property as their financial circumstances allowed.

The new funds were being raised by Unmortgage to scale the business and take the team from 12 to 40 people before the end of the 2018, prior to launch in 2019.

At 2:42pm: (LON:AUGM) Augmentum Fintech Plc Ord Gbp0.01 share price was 0p at 103.75p