Investment group Artemis has ploughed around £5m into the upcoming mortgage comparison site mform, according to a report in The Scotsman.

The move will give Artemis a “significant minority shareholding” in the Edinburgh-based company, which has already received £1m from its founders.

Set up by former Ernst & Young partner Eamonn Rice, mform is due to launch in the autumn, entering an already competitive market that includes,, and SMG’s

Rice told The Scotsman that mform would have a number of unique features and aim to compete with traditional mortgage brokers, particularly for remortgages. He aims to break even within 12 months of launch and hit revenues of £10m within three years.

He said: “With well over 6,000 mortgages from more than 100 lenders to choose from, many consumers find the process of choosing a mortgage product to be complicated and stressful. It does not need to be and we aim to make it simple, fast and efficient.

We are targeting a significant share of the residential mortgage market. We are delighted that Artemis is backing us because it has a great reputation for picking winners.