The startup, which says it can close loans for customers in as few as 15 days, is out to create a one-stop shop for people who are looking to research, shop, qualify and close their loan all at once.
Ultimately, Sindeo is a mortgage originator. The company submits loan applications to lenders, which pay Sindeo up to 1.25% of the value of mortgages they approve.
Sindeo said its next step in the housing industry is to hire four new executives.
James Liu, co-Founder and COO of Renren, the largest real-name social networking site in China will be join the Sindeo board of directors. “Sindeo is one of the most promising players in the financial technology space because it has amassed a highly-talented team to propel the growth and innovation of its cutting-edge mortgage marketplace,” said Liu. “We have seen firsthand the power of leveraging technology to transform financial services and are looking forward to working with the Sindeo team to redefine the mortgage industry.”
The latest raise brings Sindeo’s total funding to date to $6.5 million, and adds two new members to the company’s board of directors — Liu and Arkadi Kuhlmann, founder and CEO of ZenBanx, who’s also an investor. The San Francisco-based company said it will use the latest funds to provide consumers with guidance and tools to find the proper mortgage and lender best suited to their needs through its modern mortgage marketplace.
Online mortgage marketplace Sindeo has raised another $5 million in funding through in a Series A funding round, which the company said will increase its growth in the mortgage industry.