Online home lending platform Roostify has completed a $25 million series B round of financing to fund its expansion.
The capital will be used to finance several growth objectives including deepening its enterprise presence, enhancing products, and expanding into new markets.
“Four years ago, Roostify was a pioneer in moving the consumer home lending experience online. We sought to deliver an offering that we would experience ourselves for our own home purchases,” said Rajesh Bhat, co-founder and CEO of Roostify.
He added that the digital experience has become a business imperative for lenders, who recognize the importance of cutting red tape and delays for their customers.
“We have developed a solution that allows lenders of all sizes to give their teams a tool to digitally engage with clients and to bring the loan origination experience to the consumer,” Bhat said.
Big guns join backers
The $25 million in capital raised includes backing from Cota Capital, Point72 Ventures, and Santander Innoventures, the venture capital arm of Banco Santander.
They have added their investment along with additional funds from previous investors JPMorgan Chase, Colchis Capital, and a subsidiary of USAA.
“We were immensely impressed with what Roostify has accomplished in the last four years,” said Bobby Yazdani, Cota Capital’s Managing Partner. “Roostify has evolved not only their own offering and product focus, but the market as a whole, helping the lending industry transform itself for the digital age.”
Among recent enhancements to its platform, Roostify announced an integration with LendingTree.
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