CHICAGO, IL, Provider of white-label digital mortgage solutions to lenders, brokers and other mortgage originators, has raised approximately $2.25 million in seed capital.
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MortgageHippo, Inc. - provider of white-label digital mortgage solutions to lenders, brokers and other mortgage originators - announced today it has raised approximately $2.25 million in seed capital. The round was led by CMFG Ventures, LLC, the venture capital entity of CUNA Mutual Group.
"These are very exciting times for technology companies in the mortgage sector, as lenders of all types and sizes fully embrace the digital transformation sweeping through the industry," said Michael Salichs, co-founder and President of MortgageHippo. "Several market forces over the last couple of years have pushed the mortgage industry towards digital innovation and MortgageHippo is helping lenders with the transition."
Among those market forces is the arrival of Millennials into the housing market, support by the GSEs of digital technology in loan underwriting and the launch and heavy marketing of digital mortgage platforms by a handful of prominent lenders.
"The mortgage process can be cumbersome, leading to decreased customer satisfaction, inefficiency and higher origination costs," said Brian Kaas, President and Managing Director of CMFG Ventures. "Our investment in MortgageHippo will bring new innovation to the digital mortgage experience that can help credit unions deliver a superior online mortgage experience to their members in a way they prefer to engage in the process."
Since launching its digital mortgage platform - known as SwiftDLP - as a white-label solution, MortgageHippo has signed several top national and regional lenders and brokers who use the platform to deliver a modern borrowing experience to their customers and increase their conversions. "We are very excited about CMFG Ventures' investment in our company and the strategic value and familiarity with the credit union market they bring to the table," said Valentin Saportas, co-founder and CEO of MortgageHippo.
The company will use the funds primarily to further expand its software development and sales team. For more information, visit the MortgageHippo or CMFG Ventures website.
MortgageHippo raised an initial seed round of $750,000 in January 2016 led by the venture arm of real estate brokerage, @properties. Today's announcement marks the official close to their seed round with an additional $1.5 million.
MortgageHippo helps lenders devise and implement their digital mortgage strategies using its borrower-centric digital lending platform: Swift DLP. Swift DLP allows lenders to deliver a modern borrowing experience, improve borrower conversions, significantly reduce origination costs and integrate with other innovative technologies. SwiftDLP is fully customizable to lender preferences and configurable to lenders' workflows and processes. Additional information on the company can be found at www.mortgagehippo.com/swift.
About CMFG Ventures:
CMFG Ventures, LLC is the venture capital entity within CUNA Mutual Group that focuses on strategic, early-stage investments in the credit union, financial services, and insurance industries. Additional information about the company can be found at www.cmfgventures.com.
About CUNA Mutual Group:
CUNA Mutual Group helps people plan, protect and invest for their future - regardless of their financial standing. The company was founded more than 80 years ago by credit union leaders who were looking for an insurance partner they could trust. Today, CUNA Mutual Group helps credit unions and hardworking Americans build financial security through commercial and personal insurance products; lending and payment security solutions; and risk management, retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.