Online mortgage marketplace Morty has netted $25m in its Series B funding round, as it looks to enhance its product development.
March Capital acted as the lead investor, with commitments also coming from Rethink Impact and existing investors Thrive Capital, Lerer Hippeau, Prudence Holdings, FJ Labs and Metaprop.
This capital injection has been earmarked for hiring more staff and deepening its consumer marketing efforts. Funds will also be used to support its product development.
Morty is currently exploring opportunities within the B2B2C space by embedding mortgage technology within the greater real estate ecosystem.
Founded in 2016, the online marketplace helps homebuyers to easily evaluate offers from multiple lenders. The company, which was founded by Nora Apsel and Adam Rothblatt, claims its digital platform caters to the fast-paced homebuying market.
Over the past year, the PropTech company has processed over $500m in loans and its revenue increased by 800% year-over-year.
Morty is licensed in 36 US states, as well as Washington, DC, and is hoping to be available across the whole country by the end of the year.
Morty co-founder and CEO Nora Apsel said, “The past twelve months have been a transformative time for the housing market.
“As homebuyers rushed to make purchases, Morty was there to provide a personalized, interactive loan selection, lock in competitive rates, and stand shoulder-to-shoulder with them through to closing. Our business model, and our philosophy, are about advocating for homebuyers. This investment will allow us to develop our product and pursue partnerships that align with that worldview.”
With the close of the round, the FinTech company has bagged a total of $38.4m in equity.
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