Lending startup Beeline secures $7.6m in its seed round as it looks to launch in first US states

Beeline, which helps consumers get a home loan from the comfort of their sofa, has reportedly raised $7.6m in its seed round.

The FinTech is using the capital to support its initial launch into Washington, D.C., Florida, Maryland, Massachusetts, Rhode Island, Texas, and Virginia, according to a report from a report from FinSMEs.

Plans are to enter another ten US states by the end of 2020.

Beeline claims it can get a homebuyer a purchase-ready approval within just 15 minutes. It works by directly linking with the applicants bank, pay and tax information, so the consumer does not need to hunt for documents.

The technology handling the assessment also enables the lending company to keep rates low, it claims.

Earlier in the month, Home Lending closed a $50,000 investment from NC IDEA, an initiative which is supporting startups in North Carolina. Home Lending offers an AI-powered mortgage adviser which simulates the home buying with various lenders to identify the best option for a customer.

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