MQube: Making Mortgages Instant Through AI
Stuart Cheetham spent over a decade at Lloyds Bank leading retail and mortgage operations across Asia.
Based in Hong Kong and Tokyo, he navigated the complexities of banking technology in one of the world's most competitive markets. During those years, he witnessed how the mortgage process consistently failed both banks and customers alike.
“Getting a mortgage should be as simple as buying car insurance,” Cheetham says. “But instead, it's still slow, manual, and stressful for everyone.”
That frustration became the catalyst for MQube, the fintech Cheetham co-founded in 2016 with Richard Fitch, a former trader and financial services veteran with expertise in artificial intelligence, derivatives trading and change management.
Together, they set out to rethink home loans entirely. Today, the Guildford-based company has grown into an AI-native scale-up backed by Barclays, Citi, M&G Investments and venture capital firms from Europe and Silicon Valley.
Cheetham sees MQube as more than just a technology company. “It's about rethinking how mortgages work from the ground up,” he says.
“Banks have had the same legacy systems for decades, and that's created inefficiencies, errors, and unnecessary delays. Our job is to use AI to change that.”
Proving the Concept: From Three Weeks to 24 Hours
The first proof of concept came through MPowered, the UK's fastest-growing mortgage lender.
Using MQube's AI-powered platform, Origo, MPowered can deliver a mortgage offer or decision to 97% of its customers within 24 hours – a dramatic improvement on the three-week industry average.
The platform automates the analysis of bank statements, IDs and other documents, cutting out hours of manual work for underwriters while improving accuracy and reducing risk.
“People often think this is just about technology,” Cheetham says, “but it's really about experience. We want getting a mortgage to feel easy, intuitive, and reliable, not like filling out forms in a black hole.”
The success with MPowered has opened doors beyond challenger lenders. MQube recently completed the replatforming of Nottingham Building Society's mortgage operations in less than a year and is in discussions with other institutions about bringing similar transformation to their operations.
Cheetham frames it as a broader industry shift: “The opportunity to make mortgages faster and more efficient isn't limited to challenger lenders. Banks have the data, the reach, and the customers—they just need the right tools to unlock it.”
Intelligent Tools for the Entire Ecosystem
Part of MQube's approach involves creating intelligent tools for brokers and internal teams. One example is Criteria Genius, a digital assistant that answers queries about lending policies in real time.
By automating up to 90% of these requests, the tool removes the need to sift through manuals or wait for responses, improving consistency for everyone involved in the mortgage process.
“It's about taking the friction out of the system,” Cheetham says. “If we can make things simpler for brokers and lenders, the benefits ripple all the way to the customer.”
The technology addresses a problem Cheetham observed throughout his banking career: talented underwriters stuck performing repetitive tasks whilst customers faced long waits and opaque processes.
“I started to think, if we can do this for mortgages, why not reimagine the whole experience? Why not build a system that's smarter, faster, and more human at the same time?”
Fitch's background in artificial intelligence and change management has been instrumental in ensuring MQube's technology meets the complex needs of banks and lenders.
His understanding of financial systems and operational efficiency complements Cheetham's vision, helping the team build solutions that work within the realities of a highly regulated industry.
“The mortgage journey has been the same for decades... We're proving it doesn't have to be. Faster decisions, smarter risk assessment, and better service are all possible – and that's just the beginning.”
The Tipping Point for AI in Lending
Cheetham is clear-eyed about the challenge ahead. He knows adoption in a highly regulated, risk-averse industry takes time. Yet he believes the tipping point is near.
“AI isn't niche anymore. Before long, it will be the standard,” he says. “The lenders who embrace it will lead—those who don't will be left behind.”
For Cheetham, the goal remains straightforward: creating a mortgage system that works for customers rather than processors.
The focus on clarity, automation and resilience aims to give lenders the operational tools to thrive in a competitive market whilst delivering better experiences.
“The mortgage journey has been the same for decades,” he says. “We're proving it doesn't have to be. Faster decisions, smarter risk assessment, and better service are all possible – and that's just the beginning.”
With MQube now scaling its platform across multiple banks and continuing to innovate in AI-driven tools, Cheetham and Fitch are at the forefront of a quietly revolutionary change in UK lending.
For a sector long defined by paperwork and delays, their ambition is transforming what once seemed impossible into everyday reality.
As a sponsor of FinTech LIVE London 2025, MQube will showcase how AI-powered automation is reshaping mortgage lending.
Taking place on 7-8 October 2025 at 155 Bishopsgate, the event brings together over 2,000 in-person and virtual attendees alongside more than 40 internationally acclaimed speakers exploring the technologies driving transformation in financial services.
Stuart Cheetham will speak about how AI is revolutionising the mortgage sector in his keynote presentation on Wednesday, 8th October.
The two-day conference offers hundreds of networking opportunities for those looking to understand how artificial intelligence is solving long-standing challenges in financial services.
MQube's journey from concept to scaling across major UK lenders demonstrates the practical applications of AI beyond the hype.
