The online mortgage platform Morty has bagged $8.5 million in its Series A funding round led by Prudence Holdings along with participation from Lerer Hippeau and the returning investor Thrive Capital.
The funding came on the back of the launch of their flagship tool that empowers homebuyers with sufficient knowledge to understand their financial position with respect to the current market value of houses.
Morty’s seed round in 2017 was led by Thrive capital, and the investment firm continues to back the online mortgage startup.
Faux’s expertise stems from the time he served at Freddie Mac and Wells Fargo. He also served as an advisor for two years for the Department of Housing and Urban Development during the 2008 financial crisis.
Faux played a pivotal creation in the creation of the Distressed Asset Stabilization Program that aided the recovery of the housing market.
Transparency has been the keyword for Morty on their road to success. The platform through a “Home Financing Score” breaks down different components that result in the approval or rejection of a mortgage application. The customers can then make necessary adjustments in their finances to increase their chances of approval.
Apsel stated that the company had mortgage experts in place to help the customers through every step of the home buying process, in addition to the digital platform that automatically verified and computed data to display the chances of approval.
Faux stated that the company is focused on supporting first-time homebuyers but would eventually go beyond that to offer support to repeat home sales.
Morty initially launched in 10 states, has now expanded to operate in 34 states. The latest funding will come as a boost to expand its network even further and bring more customers.
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