WayHome, a U.K.-based company that helps people gradually buy a property, has raised £8 million ($10 million U.S.) in Series A funding in a round led by existing investors Allianz X, Augmentum Fintech and new funders Volution, Love Ventures and Cur8 Capital.

The process works by providing potential homeowners with a part-buy, part-rent option to help them get on the property ladder. This is particularly important now that the British government-backed Help to Buy scheme has ended.

The funds will help WayHome develop new partnerships with mortgage brokers and lenders which will let the company expand. It currently spends £100 million annually on customer property purchases and plans for the funding to help it double this to £200 million per year within 12 months.

“Due to the way that the gradual homeownership model works, the rising interest rates seen since September’s controversial mini budget have delivered even greater demand for our product,” said Nigel Purves, CEO of WayHome.

“This significant raise will fuel our ambitions to double the pace at which we can help new homeowners within 12 months. Our alternative is the best of all worlds as a part buy, part rent proposition that allows our customers to buy their ideal home, in their ideal location, today without waiting for years.”

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