Digital mortgage lending Roostify has filled its coffers with a new funding round led by Santander InnoVentures, the Santander Group’s FinTech venture capital fund.
The startup will use the undisclosed amount to expand its new product roadmap and scale its international reach outside of the US.
Founded in 2012, Roostify’s platform enables mortgages to be done via smartphone. Santander first invested in the company in February 2018 as part of the digital Lending support company’s $25m Series B funding round.
Other investors participated in that round included Cota Capital and Point72 Ventures as well as existing backers JPMorgan Chase, Colchis Capital and a USAA subsidiary.
Roostify’s platform connects customers and lenders to make the experience of securing a home loan faster by removing unnecessary paperwork. Its monthly loan volume has almost double to reach almost $20bn
Manuel Silva Martínez, partner and head of Investments at Santander InnoVentures, expressed his excitement of Santander’s continuous investment in Roostify. “The company has seen impressive growth since we originally invested in them last year and the European mortgage lending market is ripe for the type of machine learning tools that Roostify offers,” he said.
Rajesh Bhat, co-founder and CEO of Roostify, added “Digital transformation is a key strategic priority for banks worldwide, and industry-leading lenders are focused on delivering the best customer experience while managing costs. The Roostify lending platform enables lenders to realize up to 300% growth in loan applications and a significant reduction origination costs. The future is frictionless, everyone benefits when you optimize the lending process.”
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