- Conveyancer comparison website Exchange Train raises £123,000
- Funds will be used to develop platform and expand marketing
- Exchange Train exploiting a gap in the market
15 June 2021: Conveyancer comparison website, Exchange Train, announced today they have exceeded crowd funding expectations. The start-up sought £100,000 funding through the Seedrs Crowdfunding platform but ended up getting £123,000.
Exchange Train is a conveyancer comparison website matching house buyers with property solicitors. Price, speed, reviews, and transaction speed determine how solicitors and buyers are paired.
Founder Alex Beagrie, explains, “Exchange Train was created to help home movers find the best solicitors for their specific transaction using data, experience and competition as the main drivers. In doing this we can provide UK home movers with greater confidence in their moving experience and help have a more positive impact on the negative stigma that is conveyancing.”
Launched in 2020 with a monthly marketing budget of £750, the website has seen sustained growth. To-date it has hosted more than 10,000 visitors and serviced some 650 quotes.
It is this remarkable performance that persuaded Beagrie to seek funding to take the company to the next stage. He opted for crowdfunding rather than venture capital funding.
“I think acquiring funds through crowdfunding is a fantastic booster for any company as it is up to the public and your customers to decide whether your product is a goer or not,” he says.
“In our case we saw customers who had previously used the system to seek a conveyancer also invest which was a huge positive and gave us the confidence that UK home movers want this service at their fingertips.”
The start-up capital will mainly be used for making much needed changes to the Exchange Train website and increasing both in-house team and marketing potential.
The pandemic has seen a growth in new proptech start-ups, but still Beagrie identified a much-needed gap in the market.
“There are so many interesting new start-ups attempting to make their impact in the conveyancing sector, but I do think many are biting off more than they can chew by trying to invent a new conveyancing process instead of finding a solution to the current,” says Beagrie.
“There are so many moving parts and so many third-party involvements in one single conveyancing transaction that I truly believe it will be years before someone has the intelligence and finances to change the process to provide a simpler and more seamless experience.
“Exchange Train is a consumer champion, here to separate the strong from the weak. If you cannot change the game, you may as well be on the team with the best players.”
Despite Exchange Train providing a great service for property buyers, this does not come at the expense of solicitors.
“To create a positive moving experience both customer and solicitor need to be catered for,” Beagrie says, explaining the win-win approach that Exchange Train adopts.
Today’s announcement heralds exciting times for Exchange Train. Beagrie and his team are confident of continued growth through the second half of 2021 and into 2022.
Exchange train – https://exchangetrain.co.uk/ – is a conveyancer comparison website matching house buyers with property solicitors. Price, speed, reviews and transaction speed determine how solicitors and buyers are paired.
For more information, high-resolution photographer or to arrange an interview with Alex Beagrie, contact firstname.lastname@example.org.