Back in May, LoanSnap secured a $10 million investment from MANTIS, an early-stage investment firm created by musical duo The Chainsmokers. Now, five months later, the fintech company has announced an additional $5 million strategic investment.
Led by Avanta Ventures, the new funding rounded out LoanSnap's total Series A extension investment to $15 million. The goal, according to the company, is to build an automated loan technology that analyses a consumer's financial health in seconds, expediting the closing process.
"Mortgage rates have hit record lows, and many Americans are jumping at the opportunity to refinance as well as buy a new home," said Karl Jacob, CEO and co-founder of LoanSnap. "It's critical, now more than ever, that borrowers evaluate their complete financial health before deciding on the best loan option. We are proud to be helping people achieve peace of mind and financial stability during these difficult times."
Since its inception in 2018, the company has raised a total of $26 million in venture capital and has paid off a total of $12 million in high-interest consumer debt.
"At Avanta Ventures, we're committed to transforming how people manage their financial risks and providing new solutions to life's uncertainties. LoanSnap's mission to help people better understand their full financial health aligns with that commitment," said Sanjiv Parikh, managing partner of Avanta Ventures.