LoanSnap Raises Additional Funding Led by Thomvest Ventures for a Total of $17 Million
LoanSnap announced it has raised an additional $4.7 Million investment led by Thomvest Ventures and existing investors, bringing the company’s total financing to $17 Million. LoanSnap, creator of the world’s first smart loan technology, uses artificial intelligence (AI) to analyze a consumer’s financial situation instantly and recommend the best options for their unique needs — all while addressing common financial issues like too much debt. The company will use the capital to expand its offering, explore additional opportunities with Thomvest Ventures and help more consumers take control of their financial future.
Thomvest Ventures — the $300 Million investment capital firm launched by Peter Thomson — is one of Silicon Valley’s leading investment firms in the financial technology industry. The investment comes on the heels of a series of milestones and major market traction as more consumers have discovered the power of LoanSnap’s AI-powered technology. LoanSnap’s smart loans enable homebuyers to not only find the best home loan for their unique financial situation, but to also understand and effectively manage overall debt to build a more secure financial future.
“We are excited to work with Karl Jacob, Allan Carroll and the entire LoanSnap team on their journey to improve housing finance,” said Nima Wedlake at Thomvest Ventures. “As part of this investment, we plan to explore further ways to partner across the broader Thomvest platform, including via our real estate and credit funds.”
LoanSnap’s AI-powered smart loan analyzes a customer’s complete financial situation in seconds to offer easy-to-understand options, like “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.
“Since our launch last year, we’ve received widespread positive feedback and we’ve helped our customers improve their financial situation,” said CEO and co-founder Karl Jacob. “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.”
Launched in July 2018, LoanSnap has received support from existing investors including True Ventures, Baseline Ventures, Richard Branson’s Virgin Group, Core Innovation Partners, Joe Montana’s Liquid 2 Ventures, OVO Fund, Transmedia Ventures, and angel investors. The company 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.