LoanSnap raises $8m in Series A to prepare for launch

Online mortgage platform, LoanSnap has raised $8m in its Series A round led by True Ventures, in preparation for its launch.  

Other participants to the round included Baseline Ventures, Virgin Group, Core Innovation Partners, Joe Montana’s Liquid 2 Ventures, OVO Fund, Transmedia Ventures. There were also a number of unnamed angles that took part.

LoanSnap uses AI technology to analyse a consumer’s financial situation to provide them with the best loan. The platform compares thousands of offers and identifies the best fit and lets the user know how much they could save.

The service, which is available on desktops and smartphones, works by scanning a driver’s license or by inputting a home address, then entering the last four numbers of the social security number. Following this, a user is prompted with a few questions and upon completion will receive tailored smart loan options.

LoanSnap CEO and founder Karl Jacob said, “Buying or refinancing a home is one of the most important financial transactions you make in life.

“We are on a mission to help families enjoy peace of mind and financial stability. We achieve this by delivering a technology that can see and analyse your entire financial picture in real time then offer simple options that fit your family’s needs today and into the future.”

This branch of funding brings the company’s total fundraising efforts to $12.3m.

Last month, FinTech Global revealed True Ventures was looking to raise $325m for its latest investment vehicle. The firm has made a couple of other FinTech investments this year, with its most recent being a contribution to the £3.4m round of digital token investment portfolio Flipside Crypto.

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