Digital banking and home lending startup Milo has raked in $6m in seed funding round to support growth and technological innovation.
The funding round was led by fintech specialist QED Investors. It was also joined by MetaProp and 10X Capital.
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Milo, which processed over $100m in loans request, doubled its team and opened offices in Miami and Columbia last year.
The company said it will use the fresh capital to grow its team.
Founded in 2018, Milo is the first startup in the US to close a loan fully-remotely and digitally for an overseas consumer, last year.
It did this through its proprietary technology, which delivers an online way of qualifying, underwriting, and closing a loan, with attractive US interest rates.
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By GlobalDataMilo founder and CEO Josip Rupena said: “Our mission is to reimagine how global consumers access financial solutions in the US – in a way that actually caters to them. Today, that means delivering a simple, fully digital home lending approach while offering a deep understanding of US investing.
“This funding is helping us move closer to fulfilling our mission for millions of global consumers. We are thrilled to have QED and so many great investors on this journey with us.
“There are millions of qualified consumers globally. They hold dreams of one day investing in the US market, which offers a sense of stability that cannot be accessed in many other countries. We at Milo are here to help them achieve that dream.”
Recently, US-based digital home lending technology provider Roostify raked in $32m in Series C funding round to simplify mortgage lending.
Earlier this month, digital lending solutions provider Blend closed a $300m Series G investment round at a valuation of $3.3bn.
