Ontario-based company to enter multi-million round of funding in its operational expansion
Ontario-based fintech Pine has announced a $27 million round of funding consisting of Seed + Series A, aiming to offer more alternatives for home buyers and those looking to refinance their homes.
The company, which is promising to “reimagine” the home ownership process for Canadians through a “digital-first, direct-to-consumer approach”, will enter the funding round led by Greylock, with participation from Inovia Capital, Intact Ventures, Global Founders Capital, Box Group, Ludlow Ventures, and Thomvest.
Pine assures clients of application times no longer than 10 minutes.
“By eliminating unnecessary costs and lengthy processes that come with in-person applications, the company is able to offer lower rates and a more efficient process,” Pine said.
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“The mortgage industry has been outdated for decades. Canadians are desperate for a solution that doesn’t have them relying on one of the big banks. We are excited to be officially launching an entirely new home financing option for Canadians,” said Justin Herlick, CEO and co-founder of Pine.
“Homebuyers across Canada, particularly in its largest cities, have been faced with multiple challenges for years when it comes to buying or refinancing a home. Pine not only makes the process easier; they’re also lowering barriers of entry for newcomers to the market, helping them realize their home-ownership dreams potentially years earlier than planned,” added Seth Rosenberg, investor at Greylock.
