Smart loan provider LoanSnap has collected $30m in its Series B funding round, which was led by True Ventures True Select Fund IV.
Other contributions came from Baseline Ventures, Virgin Group, AVANTA Ventures, ThomVest Ventures, Liquid 2, WorkPlay Ventures and MANTIS, the investment group founded by the Grammy Award-winning pop duo, The Chainsmokers.
Also joining the round was LinkedIn co-founder and serial entrepreneur Reid Hoffman, among others.
Capital from the round will be used to expand into new loan types and across the US.
Through AI technology, the FinTech analyses a consumer’s finances to show them where they are losing money and help them get a loan recommendation. LoanSnap claims to have saved borrowers $35m in 2020 alone.
The company recently released its Snap Guarantee solution, which commits to closing a customer’s loan within 15 days or the customer receives $500. LoanSnap claims it the first of its kind in the industry.
True Ventures co-founder Phil Black said, “LoanSnap has continued to thrive during an economic climate where other businesses have not been as fortunate.
“Their focus on the needs of their customers and delivering an unparalleled industry experience continues to give us the confidence to lead this round. The world needs a company dedicated to helping customers improve their finances rather than taking advantage of them.”
In conjunction with the deal, LoanSnap named Olivia Man as its new CFO.
LoanSnap previously collected $10m in funding last year. The capital was co-led by True Ventures and MANTIS.
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