LoanSnap, a San Francisco, CA-based creator of a smart loan, raised a $30m Series B funding.
The round was led by True Ventures True Select Fund IV with participation from Baseline Ventures, Richard Branson’s Virgin Group, AVANTA Ventures, ThomVest Ventures, Joe Montana’s Liquid 2, WorkPlay Ventures and MANTIS, the investment group founded by the Grammy Award-winning pop duo, The Chainsmokers, and new investors LinkedIn co-founder and serial entrepreneur Reid Hoffman, among others.
The company intends to use the funds to further expand into new loan types and across the United States.
Led by Karl Jacob, CEO and co-founder, LoanSnap has developed smart loan technology that uses artificial intelligence to 1) analyze a person’s finances, 2) show them where they are losing money and 3) sort through thousands of options to make a loan recommendation in seconds. The company also uses AI and proprietary technology to automate much of the loan process instead of other lenders who do it manually.
LoanSnap has also hired Olivia Man as its new CFO. With more than 14 years of experience in financial services, Man brings a wide range of expertise across corporate strategy, financial planning, and capital markets. Previously, she led financial planning and analysis and served as a director of capital markets, personal finance at SoFi.