June 22, 2021

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Virgin Group-Backed LoanSnap Raises $30M To Develop Its AI-Based Smart Loan Technology

LoanSnap, a provider of personalized mortgage loans, has raised $30M in Series B with participation from True Ventures, Baseline Ventures, Virgin Group, and Mantis Venture Capital, among others.

How’s the company performing?

  • California-based LoanSnap develops an AI platform that analyzes clients’ financial conditions and designs personalized loans for them.
  • The company states that it uses 30 different data sources to analyze an individual’s financial condition. It currently issues loans for mortgages, refinances, and home equity line of credits.
  • The company claims to have saved $35M for its clients in 2020.
  • LoanSnap offers its services in 21 states across the US and currently has around 60 employees.
  • The company recently entered a partnership with The Federal National Mortgage Association (Fannie Mae) and is now selling loans directly to the government with a variety of products.

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The post Virgin Group-Backed LoanSnap Raises $30M To Develop Its AI-Based Smart Loan Technology appeared first on CB Insights Research.