LXA, a Singapore-based FinTech company, has announced the completion of a $10m funding round that was led by New Enterprise Associates, Inc. (NEA).
The round also featured participation from Openspace Ventures and EDBI, and is expected to help LXA revolutionise the Asian mortgage market.
The company plans to use the funds to enhance its technology platform, with a particular focus on digital credit decisioning and intelligent workflow orchestration.
This strategic approach aligns with LXA’s mission to create an institutional channel for large capital pools, including insurance, pension funds, sovereign funds, and endowments, to access the local currency mortgage asset class.
LXA’s executive team, led by CEO Kishore Moorjani and COO Shawn Low, brings a wealth of experience to the mortgage-based asset management industry. Moorjani, with over 25 years of experience investing in the region, was previously Blackstone’s Senior Managing Director. Meanwhile, Low, formerly the COO of Better, played a pivotal role in transforming the mortgage platform into a revenue-generating powerhouse.
Kishore Moorjani, CEO of LXA, said, “We founded LXA to create an institutional channel for the large capital pools of insurance, pension funds, sovereign funds, and endowments to access the highly desirable local currency mortgage asset class. Our technology platform is designed to create value for all stakeholders involved in the mortgage ecosystem. With our world-class executive team, support from top-notch investment partners and strong technology foundation, we are excited about bringing this innovation to Asia. Beyond being good business and highly customer-centric, this has the potential to drive economic growth and prosperity in Asia.”
Andrew Schoen, Partner at NEA, said, “We believe Kishore and Shawn’s visionary approach, experienced leadership, and commitment to innovation towards developing a modern mortgage platform is a game-changer. As Asia’s first modern mortgage asset manager, the LXA team has figured out how to coordinate the complex web of people, processes, and systems to create long-term change and drive significant economic value.”
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