LoanSnap, a San Francisco, CA-based creator of smart loan technology, raised an additional $4.7M in funding.
The round, which brought total financing to $17M, was led by Thomvest Ventures and existing investors.
The company will use the capital to expand its offering and xplore additional opportunities with Thomvest Ventures.
Led by CEO and co-founder Karl Jacob, LoanSnap uses artificial intelligence (AI) to analyze a consumer’s financial situation instantly and recommend the best options for their unique needs. The company’s smart loans enable homebuyers to find the best home loan for their unique financial situation and understand and effectively manage overall debt to build a more secure financial future.
Launched in July 2018, LoanSnap has already expanded from offering conventional mortgage, refinance and home equity solutions to also supporting America’s active-duty and veteran service personnel with smart Veterans Administration (VA) loans that provide a more stable financial future for military families. In conjunction, the company also launched Operation Home Foundation, a charitable foundation that supports U.S. service personnel and their families as they transition to civilian life. Proceeds from all LoanSnap VA Smart Loans and voluntary contributions from conventional consumer mortgages support the foundation, which funds innovative charities that effectively serve the needs of American military veterans.