Clara grabs $27m for mortgage lending

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fintech insurtech wealthtech regtech ai cybertech esg news

California-based mortgage lender Clara has raised $27m in a round of venture funding led by Redpoint Ventures and Venrock.

Founded in 2014 by former Treasury Department policy advisor Jeff Foster, Clara aims to improve borrower education about the loans available to them and make the process, which can take as long as 45 days, more efficient.

The company currently serves California, but plans to expand into Colorado, Oregon, Washington, and Arizona in the upcoming months and go nationwide by the end of 2017.

While Clara is currently focused on mortgages it has ambitions to expand into other types of lending, such as auto loans.

The company raised an undisclosed amount from Aspiration Growth and Slow Ventures in a Series A round last October.

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