US-based digital home lending technology provider has raked in a $32m in Series C funding round to simplify mortgage lending.
The funding round was led by Ten Coves Capital, which was joined by principals at Stone Point Capital.
The existing backers who participated in the funding round include Cota Capital, Mouro Capital, Colchis Capital, Point72 Ventures, and JPMorgan Chase.
The latest funding round brings the total amount raised by the company to date to $65m.
Roostify said it will use the fresh capital to leverage artificial intelligence (AI) technology to simplify home buying and increase its headcount by 50%.
The AI capabilities will be powered by partners like Google Cloud AI.
Currently, Roostify supports over 200 lending platforms and manages nearly $50bn in loan volumes per month.
Roostify CEO Rajesh Bhat said: “Having easy access to meaningful digital tools is key to helping lenders thrive in a digital-first world. That is 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. With this capital infusion, we will accelerate our vision of simplifying home lending without compromising on quality and time-to-market.”
Ten Coves Capital’s technology and financial services know-how will help Roostify in developing a long-term strategy for home lending technology beyond origination.
Ten Coves Capital managing partner Dan Kittredge said: “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.”