Mortgage tech platform Tomo scores $40m in Series A funding

Tomo, which claims to make the mortgage process less stressful, has reportedly raised $40m for its Series A funding round.

This funding round, which brings its valuation to $640m, was led by SVB Capital, according to a report from FinLedger. Other participants include Ribbit Capital, NFX, Zigg Capital, Telesoft Partners and Parker89.

Following the close of the round, Tomo plans to bolster its software development and launch its platform across all 50 US states. Its current goal is to operate in half of the US states.

The FinTech company helps people get mortgages, with price matches, pre-approvals and tools to better understand affordability.

Tomo CEO and co-founder Greg Schwartz said, ?We are maniacally focused on improving the purchase mortgage experience and have never been distracted by the temporary profits of the refi business.

?As homes continue to sell at a rapid clip, this focus has allowed us to sidestep the disorder that many lenders now find themselves in and to make huge leaps forward in serving homebuyers and partnering with real estate agents.p>

Tomo has raised a total of $110m in equity, having previously collected $70m in its seed round in 2021.

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