Home Lending Tech Platform Roostify Announces $32 Million Funding Round
Roostify logo

Home Lending Tech Platform Roostify Announces $32 Million Funding Round

Another week means another FinTech deal. Today, Roostify announced that it had raised $32 million in its latest round. The Series C was led by Ten Coves Capital with principals at Stone Point Capital as well as returning investors Cota Capital, Mouro Capital, Colchis Capital, Point72 Ventures, and JPMorgan Chase also participating. To date, Roostify has now raised a total of $65 million. With the latest injection of capital, Roostify says it will continue to leverage its innovative AI in order to make the home buying experience better for all involved. Additionally, the company states that it plans to grow its employee base by 50%.

Roostify offers a digital platform that helps to simplify the mortgage lending process for both consumers and institutions. That investment seems to be paying off as the startup has seen impressive growth over the past year. As the company notes, volume on their platform increased by 250% in 2020. This was likely at least partially due to the pandemic necessitating a shift to digital services. In any case, the company was able to expand, currently supporting more than 200 lending institutions and seeing approximately $50 billion in monthly loan volume.

Speaking to what his company does and what’s made them successful as of late, Roostify CEO Rajesh Bhat said in a statement, “Having easy access to meaningful digital tools is key to helping lenders thrive in a digital-first world. That’s why we are hyper-focused on perfecting and digitalizing the entire home buying journey from beginning to close. We design meaningful, end-to-end solutions that solve the complex challenges leading home lending institutions face on a daily basis.” Bhat also acknowledged what the funding round would mean for the startup, adding, “With this capital infusion, we will accelerate our vision of simplifying home lending without compromising on quality and time-to-market.”

Meanwhile, Ten Coves Capital Managing Partner Dan Kittredge said of his firm’s investment in the company, “The opportunity to re-design the future of home lending through technology cannot be overstated, as the mortgage lending industry has been relatively slow to embrace digital technologies. Roostify is well-positioned to accelerate the digitization of home lending infrastructure, and we are excited to partner with the Roostify team to help them power this market transformation.”

The recent success of Roostify — as evidenced by this latest investment — shows that the appetitie for FinTech solutions is only growing. Moreover, the company’s business model once again highlights the potential that exists for traditional institutions and startups to work together in a mutually beneficial manner. With that, this certainly won’t be the last be the last time we hear about such partnerships and investments as the FinTech sector looks forward to a successful 2021 and beyond.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...