LoanSnap plans on utilizing the funds to diversify its loan offering portfolio. Here are the top-line bullets you need to know.
LoanSnap, a provider of personalized mortgage loans, has raised $30M in Series B with participation from True Ventures, Baseline Ventures, Virgin Group, and Mantis Venture Capital, among others.
How’s the company performing?
- California-based LoanSnap develops an AI platform that analyzes clients’ financial conditions and designs personalized loans for them.
- The company states that it uses 30 different data sources to analyze an individual’s financial condition. It currently issues loans for mortgages, refinances, and home equity line of credits.
- The company claims to have saved $35M for its clients in 2020.
- LoanSnap offers its services in 21 states across the US and currently has around 60 employees.
- The company recently entered a partnership with The Federal National Mortgage Association (Fannie Mae) and is now selling loans directly to the government with a variety of products.
Source: LoanSnap
Why does the market matter?
- The global digital lending platform market is expected to grow at a CAGR of 16.7% and reach a value of $20.3B by 2027, according to Allied Market Research.
- The industry is being driven by financial institutions’ efforts to streamline their operations, reduce operating costs, and provide a more customized and enhanced service to their consumers.
- Financial firms are leveraging corporate strategies such as mergers, acquisitions, and alliances to penetrate the digital lending industry.
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