LoanSnap, a tech startup that claims it uses artificial intelligence to help borrowers obtain “smart loans” and boasts Richard Branson’s Virgin Group and Joe Montana’s Liquid 2 Ventures among its backers, announced Tuesday that it raised $4.7 million to expand its offerings.
That brings the company’s total capital raise to $17 million. This latest funding round was led by Thomvest Ventures, a Silicon Valley investment firm.
The company, which launched in July 2018, built technology that uses AI to analyze a borrower’s financial situation and recommends the best options for them.
According to the company, the company’s “smart loans” allow homebuyers to “not only find the best home loan for their unique financial situation, but to also understand and effectively manage overall debt to build a more secure financial future.”
The company claims that consumers need to only enter a few pieces of information, then the AI-powered smart loan platform analyzes their complete financial situation and provides “easy-to-understand” options, like “pay off your credit card debt and save $580 a month.”
Additionally, LoanSnap sorts through thousands of loan options to identify the “best choice” loan for a consumer.
According to the company, it will use the new funding from Thomvest to expand and will look at additional partnerships with Thomvest in the future.
“We are excited to work with Karl Jacob, Allan Carroll and the entire LoanSnap team on their journey to improve housing finance,” said Nima Wedlake at Thomvest Ventures. “As part of this investment, we plan to explore further ways to partner across the broader Thomvest platform, including via our real estate and credit funds.”
The company’s other backers include Baseline Ventures, Core Innovation Partners, OVO Fund, Transmedia Ventures, and other angel investors.
“Since our launch last year, we’ve received widespread positive feedback and we’ve helped our customers improve their financial situation,” said LoanSnap CEO and Co-founder Karl Jacob. “This financing is a recognition of our strong progress toward helping consumers improve their financial situation. We are excited to have Thomvest Ventures as our strategic partner as we work to make financial stability more accessible to all Americans.”
