A tech firm which is hoping to bring mortgage lenders into the era of mobile-first has received $2 million of seed capital from some heavyweight backers
A tech firm which is hoping to bring mortgage lenders into the era of mobile-first has received $2 million of seed capital from some heavyweight backers.
StreamLoan enables lenders to offer a complete end-to-end digital solution for homebuyers, streamlining the process including the mortgage application, financial information collection, document gathering, and updating all along the way.
"Mortgage lenders are acutely aware that they need a digital mortgage solution that is both mobile and web to reach today's borrowers," said StreamLoan CEO and co-founder Stephen Bulfer.
The platform can be up and running in just 30 days and is a white-label solution for lenders.
"Only a few of the largest U.S. mortgage lenders have the resources to create their own in-house platforms. It's complicated, time consuming, and too costly for most lenders in this low-margin space to create a platform that satisfies borrower expectations," added Bulfer.
Who’s put up the capital?
The investment comes from several sources including Steve Weston, former CEO at Barclays Mortgage Bank; Whitespace Capital, LPs include executives from Facebook and Apple; Uber’s director of finance Rajiv Krishnarao; and Acorn Pacific Ventures.
"The first thing that caught my attention was the sophistication of the StreamLoan platform and the amazing capability it brought to lenders," said Steve Weston, former CEO of Barclays Mortgage Bank. "But what made me really excited about investing was how the company brought together Silicon Valley's best innovation with the deepest possible insider knowledge of the mortgage and real estate industries to deliver a more complete solution, more efficiently, than many rivals."
