Major investment fuels expansion of employee benefit program
Multiply Mortgage, a financial technology firm specializing in mortgage benefits for employees, has announced the completion of a $23.5 million Series A funding round. The investment, led by venture capital firm Kleiner Perkins, brings the company’s total funding to $27 million. Other investors include A*, Box Group, Mischief, and Workshop.
According to a news release, the funding will help Multiply expand its services, which provide employees with mortgage interest rate discounts of up to 0.75% and personalized support from mortgage experts. The company’s benefits program is now available to employees in 45 states and the District of Columbia.
Michael White, CEO and co-founder of Multiply Mortgage, emphasized the growing difficulty of homeownership in the US, stating that interest rates are unlikely to return to the historic lows seen in 2020. “Our mission is to help employees—whether frontline workers or corporate staff—access lower mortgage rates and expert guidance, at zero cost to their employer,” White said.
The company aims to solve a challenge in the mortgage industry: homebuyers often face a tradeoff between lower-cost lenders with minimal personal support and traditional lenders that may not offer competitive rates. Multiply’s model seeks to eliminate this compromise by combining an AI-powered mortgage origination platform with expert mortgage advisors.
Employer-sponsored mortgage benefits
Multiply Mortgage positions its offering as a financial wellness benefit for employees, enabling companies to provide mortgage assistance without increasing costs. With rising healthcare expenses projected to strain HR budgets, many employers are seeking cost-effective benefits that improve employee retention and recruitment.
According to the company, its mortgage program has the potential to save employees an average of $5,100 annually in interest costs. The program also includes educational sessions and unlimited guidance from mortgage advisors.
“With employer healthcare costs expected to rise by 9% in 2025, many HR leaders and benefits managers are less likely to offer ancillary benefits to employees due to limited budgets,” Multiply stated. “Companies like Multiply that offer benefits at no cost to the employer are in a unique position as they can provide benefits that are attractive to employees without impacting an employer’s bottom line.”
Tech-driven approach
Multiply partners directly with employers to offer its services. The company is developing AI-driven technology to streamline mortgage origination, aiming to reduce operational expenses while passing savings to employees through lower interest rates.
Venture investors see potential in Multiply’s model to modernize mortgage lending and expand financial wellness benefits at scale. “Multiply is pioneering a new employee benefits category by offering lower-rate mortgages as a benefit—a point of differentiation for employers looking to stay competitive in the talent market,” said Mamoon Hamid, partner at Kleiner Perkins.
Gautam Gupta, co-founder of Multiply and general partner at A*, highlighted the transformative potential of the company’s approach. “We believe Multiply’s unique approach — combining AI, local expertise, and a novel distribution model — is unlocking a massive opportunity to modernize the mortgage industry and redefine how financial wellness benefits are delivered at scale,” he said.
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