Smart loan provider LoanSnap has raised $10m in new funding round co-led by True Ventures and MANTIS.
True Ventures has previously backed businesses like Peloton, Blue Bottle and Fitbit. MANTIS is the tech investment firm created by the Grammy Award–winning band, The Chainsmokers.
“Our mission is to invest in companies that can change people’s lives for the better,” said MANTIS co-founder Alex Pall. “In LoanSnap we see a company that is already helping Americans pay off debt and improve their personal financial situation. We are excited to invest in Karl and Allan and a great team that share our vision and want to build a successful business that will improve the world.”
LoanSnap also enjoyed backing by Morado Ventures, Work Play Ventures, Accelerator Ventures and numerous angel investors. Existing investors including Baseline, Thomvest (Peter Thomson), Virgin (Richard Branson), Liquid 2 Ventures (Joe Montana) and OVO also participated in the round.
Since rolling out this one-of-a-kind technology, the company has already paid off a total of $12m in high interest consumer debt and saved customers $8m in future debt payments. The company uses artificial intelligence to analyse a consumer’s finances and then sorts through thousands of options to make a recommendation in seconds.
“In a time of dire financial uncertainty across the country, buying or refinancing a home will be the most critical financial transaction you make,” said Karl Jacob, CEO and co-founder of LoanSnap. “Our mission is to help as many families as possible achieve peace of mind and financial stability especially during this time.”
The new investment round brings the total funding raised by LoanSnap $26m. It raised a $8m Series A round in 2018, the same year as the company was launched.
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