Jia Finance, a residential mortgage platform for foreign investors, has bagged $5m in seed funding round.
The funding round was led by TTV Capital and saw participation from Stanford Angels as well as the co-founder of SoFi and the founder of Nutmeg.
The company uses the latest data analysis technology as well as AI and identity verification to quickly make underwriting decisions and fund mortgages for international investors. The platform reduces the entire real estate transaction period from 90 days to 30 and replaces a low-tech, offline and cumbersome application process.
Washington D.C-headquartered Jia claims it addressing what is a big stumbling block for the international real estate buyers – the lack of a US credit score as well as a lack of much of the general paperwork US banks typically request during the mortgage application process. This causes major challenges for prospective buyers and can slow approvals to 90 days or longer and deter buyers who prefer to finance their investment.
The company leverages AI technology to verify customer identity using real-time biometric verification as well as data analysis to assess credit eligibility.
Jia Finance co-founder and CEO Sufian Creui said, “Jia Finance is creating global mortgages, starting with buyers from Asia, where our platform is dramatically improving the process for these international investors to gain access to U.S. real estate. Using our platform, clients can now close purchases quickly as we underwrite, price, and fund loans, in a system that delivers speed and ease — all in about 30 days.
“Our broader mission is to use technology in order to help cross-border real estate investors access opportunities globally. Traditional banks have been disinterested in helping international borrowers and have failed to tailor products to this segment of the mortgage market. We are giving international investors enhanced exposure to a highly sought-after asset class through an easier, smoother digital process for obtaining residential mortgages.”
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