LoanSnap has introduced an artificial intelligence-backed “smart” loan technology that helps mortgage borrowers.
The company was founded by CEO Karl Jacob and CTO Allan Carroll, both entrepreneurs.
LoanSnap offers users loan options by analyzing the borrowers’ financial situation, which it does in seconds. The technology accounts for factors including the US financial environment to ensure the best available loan now and into the future.
Through the company’s iOS and Android apps, borrowers can instantly get personal smart loan options by scanning their driver's license or entering their address, entering the last four digits of their social security number, and tapping through a few questions.
LoanSnap also offers loan option through its website or consultations with a loan officer by phone. The company then emails the loan summary to users whether or not they choose LoanSnap.
The company’s data scientists found that “dumb” loans cost Americans $58 billion last year alone because they didn't take their credit card debt into account when choosing a home loan.
"Buying or refinancing a home is one of the most important financial transactions you make in life," Jacob said. "We are on a mission to help families enjoy peace of mind and financial stability. We achieve this by delivering a technology that can see and analyze your entire financial picture in real time then offer simple options that fit your family's needs today and into the future."
Prior to the launch, the company completed its series A financing and raised $8 million. True Ventures led the round, with participation from Baseline Ventures, Richard Branson's Virgin Group, Core Innovation Partners, Joe Montana's Liquid 2 Ventures, OVO Fund, Transmedia Ventures, and angel investors. LoanSnap has raised $12.3 million to date.
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