Digital mortgage lending platform Roostify has secured additional funding through an expansion round led by Santander InnoVentures.
The company’s existing investors JPMorgan Chase and Colchis Capital also participated in the latest round.
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However, the company did not reveal exact investment it received in the round.
The additional investment will be used by Roostify to fund its international expansion, as it moves into the UK and other European markets.
The US-based firm will also leverage the money further enhance its cloud-based platform with new capabilities, including the addition of data and machine learning tools.
Expansion of product portfolio, among others, is also being considered by the digital lending platform.
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By GlobalDataRoostify funding round: Background
This is the Santander InnoVentures’ second investment in Roostify, following its initial backing in February last year.
The fintech venture capital fund unit of Santander Group, Santander InnoVentures is supporting Roostify under its ‘invest and partner’ model.
Santander InnoVentures partner and head of investments Manuel Silva Martínez said: “We’re excited to continue supporting Roostify in their next stage of growth as they forge ahead with their multinational and product expansion strategy.
“The company has seen impressive growth since we originally invested in them last year, and the European mortgage lending market is ripe for the type of machine learning tools that Roostify offers.”
Established in 2012, Roostify’s facilitates home buying process by connecting customers and lenders.
The company’s monthly loan volume is said to have touched nearly $20bn.
In June, HSBC USA partnered with Roostify to introduce digital mortgage service. Another American lender BOK Financial also tapped the digital lending platform this year to facilitate mortgage process.
