LoanSnap has raised $4.7 million investment led by Thomvest Ventures and existing investors, bringing the company’s financing to $17 million. It offers conventional, Veteran Affairs and refinance mortgages as well as and home-equity lines of credit.
LoanSnap offers what it describes as “smart-loan” technology that deploys artificial intelligence to analyze a consumer’s financial situation and determine the best options for them. The technology enables homebuyers to not only find the best home loan for their financial situation, but to understand and manage overall debt to build a more secure financial future.
Smart loan analyzes the complete financial situation of a customer in seconds and offers easy-to-understand options, such as pay off your credit-card debt and save $580 a month. Customers enter just a few pieces of information and LoanSnap sorts through thousands of loan options to identify the best choice for a loan to serve them now and in the future.
The company will use the investment capital to expand its offering and explore additional opportunities with Thomvest Ventures, a Silicon Valley-based financial technology organization.
Also, LoanSnap has in the past received funding from True Ventures, Baseline Ventures, Virgin Group, Core Innovation Partners, Joe Montana’s Liquid 2 Ventures, OVO Fund, Transmedia Ventures and angel investors.
“Since our launch last year, we’ve received widespread positive feedback and we’ve helped our customers improve their financial situation,” said Karl Jacob, CEO and co-founder of LoanSnap. “This financing is a recognition of our strong progress toward helping consumers improve their financial situation. We are excited to have Thomvest Ventures as our strategic partner as we work to make financial stability more accessible to all Americans.”