US-based tech-enabled mortgage platform Interfirst has raised $175m in a funding round led by principals of private holding company StoicLane.

Funds managed by Oaktree Capital Management, MFA Financial, some family offices and other investors also joined the round.

The latest funding will be used by the company to accelerate growth, fund innovation and technological advancements.

Interfirst’s proprietary loan origination platform uses technology and artificial intelligence to offer retail and wholesale offerings.

Relaunched in 2020, Interfirst seeks to reduce the upfront fees, interest cost, and complexity of a traditional mortgage process.

Interfirst CEO Dmitry Godin said: “StoicLane’s investment in Interfirst signifies their confidence in our commitment to innovate and deliver best-in-class technology for the mortgage industry. This partnership will help us continue to build as we drive the mortgage industry forward.”

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StoicLane co-founder CEO and chairman Al Goldstein said: “The mortgage industry is fragmented and ripe for disruption by tech-enabled, customer-centric platforms.

“We look forward to partnering with Interfirst’s talented management team and employees to help accelerate the realization of Interfirst’s potential.”

As per the agreement, Brian Laibow, managing director of Oaktree’s Global Opportunities strategy, Jeffrey Hecktman, founder & CEO of Hilco Global, and Brian Brooks, former CEO of Binance.US and former US acting Comptroller of the Currency, joined the board of directors.

Interfirst started as a retail loan originator in 2001 and expanded to wholesale business in 2008. Due to declining volumes, the company ceased operation in 2017.