Jia Finance raises $5 million

Jia Finance, an online residential mortgage platform for foreign investors, has secured $5 million in seed funding. The round was led by venture capital investor TTV Capital, with participation from other investors including Stanford Angels, the co-founder of SoFi, and the founder of U.K. investment app, Nutmeg.

The startup, which is based in Washington, D.C., uses the “latest data analysis technology as well as AI and identity verification” to make underwriting decisions and fund mortgages for international investors. Jia Finance claims that it cuts the entire real estate transaction period from 90 days down to 30. Typical customers are middle-class investors based in Asia looking to invest in single-family homes or condos as rental properties, and are active primarily in California, Florida, Texas and Washington.

“Jia Finance is creating global mortgages, starting with buyers from Asia, where our platform is dramatically improving the process for these international investors to gain access to U.S. real estate. Using our platform, clients can now close purchases quickly as we underwrite, price, and fund loans, in a system that delivers speed and ease – all in about 30 days. Our broader mission is to use technology in order to help cross-border real estate investors access opportunities globally. Traditional banks have been disinterested in helping international borrowers and have failed to tailor products to this segment of the mortgage market.”- Sufian Creui, co-founder and CEO, Jia Finance.

“We at TTV Capital are impressed with the Jia Finance approach which is tailored to the particular needs of the international real estate investor. Jia’s high-touch customer experience makes the investment process faster and easier and empowers investors to manage transactions from abroad. TTV is thrilled to partner with Sufian and his team as they address this massive market opportunity.” – Mike Hurst, venture partner, TTV Capital.