Canadian FinTech Pine, which wants to “reimagine the homeownership processâ€, has raised C$27m comprising of seed and Series A funding.
The funding round was led by Greylock with participation from Inovia Capital, Intact Ventures, Global Founders Capital, Box Group, Ludlow Ventures, and Thomvest.
With a digital-first approach to Canadian mortgages, Pine has positioned itself as an alternative to Canadian homebuyers and those looking to refinance their home.
Pine said in Canada, 80% to 90% of homebuyers secure their mortgages from big banks, largely due to lack of available alternatives. Led by founders Justin Herlick and Jonathan Shih, Pine said it offers a new way for Canadians to get a mortgage. By eliminating unnecessary costs and lengthy processes that come with in-person applications, the company said it is able to offer lower rates and a more efficient process.
The FinTech offers a quick and easy application process that only takes ten minutes, it is all online, and the lowest rate available is the first one offered to consumers.
Justin Herlick, CEO and co-founder at Pine, said, “The mortgage industry has been outdated for decades. Canadians are desperate for a solution that doesn’t have them relying on one of the big banks. We are excited to be officially launching an entirely new home financing option for Canadians.â€
Another FinTech looking to re-think the homeownership market is Belong. The California-based startup looking to empower residents to become homeowners raised $80m in Series C funding last week.
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