Approved, an online mortgage lending platform, has been acquired by personal finance platform Credit Karma.
The deal, which was for an undisclosed amount, was made to create a digital mortgage experience for Credit Karma customers.
Through Credit Karma, Approved hopes to gain the additional resources and power to scale its operations and reach more customers.
California-based Approved offers a platform to ease the mortgage process for both lenders and borrowers.
Through the service, lenders can access a digital document library to view existing and custom loan templates, as well as an automate document collection to optimise the deliverance of documents like bank statements and pay stubs. The solution also enables e-signatures for all online documents.
On the other side, borrowers can use a mobile solution to manage their documents, timelines and communications. Users can use the platform to scan their documents into PDFs, access customised documents, and monitor the milestones of their loan process.
In a blog post the company said, ?We started Approved with a vision that borrowers could visit an open house not having even talked with a lender, find the home of their dreams, and get fully pre-qualified on their mobile device before a listing agent offered them a business card. After all, why should they have a better customer experience buying a pair of shoes than spending $500k+ (or more) on a home theyll own their whole life?p>
?After nearly $5B in loan originations, our technology has shown major improvements in the time to get a loan, transparency in the process, and ease of loan application and doc collection.p>
Earlier in the year, Credit Karma received a $500m strategic secondaries investment from Silver Lake. The capital was raised to support the company growth strategy and its expansion plans.
US-based Credit Karma is a personal finance platform that offers consumers a suite of tools to monitor and improve credit health, prepare and file income taxes, monitor their identities and manage vehicle information and financing options.
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