Existing investors JPMorgan Chase, Colchis Capital, and a subsidiary of USAA also participated in the round, the proceeds of which will be used for an aggressive expansion plan, including a deeper presence in the enterprise space, product enhancements, and moves into new markets.

Founded in 2014, Roostify is focused on bringing the process of obtaining a mortgage into the digital age, eliminating paper, improving speed and cutting costs. The startup's cloud-based, API-enabled platform promises to allow lenders to offer their clients a seamless, branded experience from searching to closing a home loan.

Recently, it has made several moves to expand its platform beyond the core loan application and processing experience, including an integration with LendingTree to let consumers shop for a loan and then get that loan with their preferred lender with a few clicks.

Rajesh Bhat, CEO, Roostify, says: "Lenders now realise the value of providing consumers with a transparent, mobile, and seamless experience to obtain a loan without needless stress-inducing delays and red tape. We have developed a solution that allows lenders of all sizes to give their teams a tool to digitally engage with clients and to bring the loan origination experience to the consumer."

Manuel Silva, head, investments, Santander InnoVentures, adds: "We have been very impressed with Roostify's vision of putting the client first, and developing technologies that support such experiences. We are excited about Roostify's growth prospects, in particular as they think about new markets beyond the US."