Mortgage tech provider to lenders MortgageHippo has secured $2.5m in a Seed round of funding.
The investment comes from CMFG Ventures. The VC are of CUNA Mutual Group, the fund aims to back startups supporting credit unions in serving their members with tech products.
MortgageHippo launched in 2013 as a customer-facing business before shifting to a B2B model.
The Chicago-based company offers a white-label solution for lenders to provide online mortgages.
Company CEO and co-founder Valentin Saportas said: “The mortgage process can be cumbersome, and lenders are experiencing pressure to provide intuitive technology solutions to create a better customer experience for home-buyers.
“However, not all financial institutions are properly equipped to deliver a modern borrowing process.”
MortgageHippo claims several of the US’ leading national and regional lenders use its technology.
CMFG Ventures’ managing director Brian Kaas commented: “Mortgage lending is the cornerstone of credit unions’ relationships with their members, so it is critically important that their mortgage experience is simple, convenient, and seamless.
“A superior digital mortgage experience is essential in today’s marketplace. MortgageHippo will bring a new level of service for the member while creating efficiency and cost savings for the credit union.”
The company will use the capital to expand its development team.
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