Sora Finance, which offers credit management and liability optimisation services to financial advisors, planners and employers, has raised $3.9m.
The FinTech company works with advisors so they can find the best deals for new or existing home, auto and student loans. Its platform onboards clients’ existing liabilities and executes advanced credit optimisation strategies across all loans to maximise client’s net worth.
Sora claims its credit management services unlock an optimisation opportunity for over 73% of clients, while also helping clients secure the lowest rates.
The company recently released the buy now, refi later for free solution. This offers support for consumers looking to secure the lowest cost of debt now and in the future. It offers good rates on a new mortgage and will automatically refinance the loan with no fees for the next five years. It claims this will help make homeownership more accessible when interest rates are high.
Sora Finance co-founder and co-CEO Siddhartha Oza said, “Liability management is critical for advisors, but it’s also time-consuming and complex.
“Sora is the best and really the only option for advisors looking to provide their clients with a comprehensive credit management solution. We’re able to deliver significant value to both financial advisors and their clients given our innovative technology and partnerships with leading lenders.”
Sora’s investors include Peterson Ventures, New Era Capital Partners, Launchpad Capital, Fairbridge Park, Tubbs Ventures, Creative Capital, and Endurance Companies. Several angel investors have also backed Sora, including CEOs of Esusu, Cadre, Propel, and Bloomtech.
In other lending news, India-based Mintifi secured $110m for its Series D funding round. The company offers on-demand credit lines, which can be used to buy inventory. It also offers longer business loans, which have repayment terms ranging from six to 24 months.
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