Home lending platform Roostify raises $32 million
Roostify closed a $32 million Series C funding round led by Ten Coves Capital, bringing its total funding to date to $65 million.
Founded in 2012, the San Francisco-based team of ~91 offers a home lending platform. It intends to use the funding to leverage “innovative AI” to simplify the entire home buying experience and grow its staff by 50%. Today, the company supports more than 200 lending institutions and handles roughly $50 billion in loan volume monthly.
“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.” – Dan Kittredge, Managing Partner at Ten Coves Capital.
“Having easy access to meaningful digital tools is key to helping lenders thrive in a digital-first world. That’s 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.” – Roostify CEO Rajesh Bhat.
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Under this partnership, Roostify will integrate Google Cloud’s new Lending DocAI solution into its digital lending platform, leveraging capabilities in AI and ML to decrease the time it takes to process documents, increase accuracy, and reduce costs, helping lenders provide their clients with a better experience.