Santander InnoVentures has led an expansion funding round for San Francisco-based digital mortgage lending platform Roostify. The size of the round has not been disclosed.
Founded in 2012, 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.
The company recently inked a deal with HSBC Bank USA and says that monthly loan volume has more than doubled over the last year to nearly $20 billion a month.
This is Santander InnoVentures' second investment in the firm, following its participation in a $25 million Series B round in 2018. The latest money will support product build-out and a move into the UK and other European markets.
Manuel Silva Martínez, head of investments, Santander InnoVentures, who joins the Roostify board, says: "The company has seen impressive growth since we originally invested in them last year, and the European mortgage lending market is ripe for the type of machine learning tools that Roostify offers.”