Online mortgage lending platform Lenda has expanded into four more US states following recent $5m funding round.
Alongside the funding, Lenda has expanded into Illinois, Pennsylvania, Michigan and Arizona, this growth will see the company serve 54 per cent of the digital mortgage market, according to the company. The platform was already available in California, Oregon, Washington, Colorado and Texas.
The company enables homeowners to complete home loans online from start to finish, closing the loans within 17 days. Lenda’s technology helps borrowers to see if they are pre-approved, get real-time mortgage rate quotes and receive support through the process.
Customers can save around $409 a month in loan repayments and since its launch, it has helped save more than $750,000 in fees and over $5m in interest, according to the company.
Lenda co-founder and CEO Jason van den Brand said, “Today, customers are looking for an alternative to the antiquated status quo they’ve become accustomed to when it comes to home loans. Why walk into a bank or deal with your realtor’s broker when you can get a loan from your couch without the hidden fees?”
This is the company’s second funding round in just four months, with Lenda closing a $5.25m Series A round last year. SF Capital Group led the previous rounds, while CreditEase Fintech Investment Fund and Rubicon Venture Capital also participated in the Series.
Capital from the round was used to drive growth, hire people for key management positions, and increasing investment in its software.
Last year, digital mortgage platform Guaranteed Rate closed an undisclosed investment from Thomas H. Lee Partners. The transaction was made to help the US-based lending platform to repurchase some of its shares and to develop its technology.
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