The comparison platform said it achieved the cumulative figure on cases where a negotiated rate or fee was secured versus the lender’s published rate in the last two years.

According to Propp, the site’s Optimiser function was able to secure a significantly lower rate and save the client £125,000 over the five-year loan term on a recent commercial loan of £1.8m.

Peter Williams, CEO of Propp, said: “At a time when the cost of borrowing is soaring against a backdrop of eyewatering inflation and shrinking consumer confidence, finding savings for our clients where we can is more important than ever.

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“As we approach our 2nd birthday and the business continues to grow, it’s important that we ground ourselves and stay focused on the reason we created Propp.

“To put the power back into borrower’s hands by making specialist finance more transparent and delivering value by driving competition between lenders.”

Ben Larkin, CTO, added, “When we launched Propp back in November 2020 with a team of just 5, we made an enormous upfront investment in our CRM and custom-built the Optimiser function with the hope that we could separate ourselves from our competitors by using tech to add real value.

Now that we’ve scaled up, our initial investment is paying off in spades and generating more savings than we imagined it could, particularly in the commercial space."