Growing startup empowers consumers to own their financial future and is first fintech investment by the global pop duo sensation’s new fund MANTIS
SAN FRANCISCO, May 14, 2020 (GLOBE NEWSWIRE) -- LoanSnap, the company that helps consumers own their financial future and creator of the world's first smart loan technology, announced today it has raised an additional $10 million co-led by True Ventures, the Silicon Valley heavyweight behind Peloton, Blue Bottle and Fitbit among others, and MANTIS – the tech investment firm created by the Grammy Award–winning band, The Chainsmokers. The round also includes Morado Ventures, Work Play Ventures, Accelerator Ventures and numerous angel investors. Existing investors including Baseline, Thomvest (Peter Thomson), Virgin (Richard Branson), Liquid 2 Ventures (Joe Montana) and OVO also participated in the round.
LoanSnap’s mission to build the first-of-its-kind automated loan technology to improve the finances of every American is a vision shared by its all-star team of investors and is the reason the early-stage investment firm MANTIS is making this its first fintech investment.
“Our mission is to invest in companies that can change people’s lives for the better,” said MANTIS co-founder Alex Pall. “In LoanSnap we see a company that is already helping Americans pay off debt and improve their personal financial situation. We are excited to invest in Karl and Allan and a great team that share our vision and want to build a successful business that will improve the world.”
Since rolling out this one-of-a-kind technology, the company has already paid off a total of $12 million in high interest consumer debt and saved customers $8 million in future debt payments. The company uses artificial intelligence to analyze a consumer's finances and then sorts through thousands of options to make a recommendation in seconds. By automating much of the loan process, it is now possible to close loans in just 15 days or less, providing a service much easier on the customer and with peace of mind they will lower their payments and get the cash they need quickly.
"In a time of dire financial uncertainty across the country, buying or refinancing a home will be the most critical financial transaction you make," said Karl Jacob, CEO and co-founder of LoanSnap. "Our mission is to help as many families as possible achieve peace of mind and financial stability especially during this time.”
Before LoanSnap, mortgage companies lacked the data and technology needed to offer personalized, sound recommendations that accounted for each customer’s specific needs. LoanSnap’s data scientists found that the traditional mortgage companies focusing on a low rate for a consumer's mortgage vs. a low rate across all debts cost Americans $58 billion in 2017 alone. LoanSnap analyzes a consumer's financial health to show people what's possible across all debts in simple plain english before they commit to a loan. Customers enter only a few pieces of information and LoanSnap sorts through thousands of loan options and debt reduction opportunities in seconds to identify the best choice and present it in an easy-to-understand way like “Save $1,200 a month”. The technology even updates options based on ever-changing personal and economic factors.
MANTIS is an early stage technology investment firm supporting innovative companies across consumer and financial technology. It was created in partnership by recent Forbes 30 Under 30 honorees, Alex Pall and Drew Taggart, the pop duo sensation known as The Chainsmokers. It was created to leverage The Chainsmokers' consumer experience and connections into helping companies who make an impact on consumers' everyday life like LoanSnap.
“We look at deals and meet leadership teams on a regular basis and the LoanSnap team led by Karl, really stood out to us as innovative and forward thinking,” said MANTIS co-founder Drew Taggart.
The Chainsmokers have built a brand based on disrupting the status quo in order to enhance the fan experience. Whether it be through their music or business partnerships, this guiding principle has put them at the forefront of their industry as both musicians and entrepreneurial innovators. With the belief that the consumer sector will always be a gateway for adoption of new technologies, MANTIS is supporting ventures that are using this technology to innovate and create a better consumer experience.
Since LoanSnap launched in 2018, the company has grown rapidly and gained major market traction solidifying more investment from True Ventures and others. LoanSnap has raised a total of $26 million in venture capital from additional investors Richard Branson's Virgin Group, Baseline Ventures, Core Innovation Partners, Joe Montana's Liquid 2 Ventures, OVO Fund, Transmedia Ventures, and angel investors.
For more information or to get started with LoanSnap today, visit www.goloansnap.com.
About LoanSnap, Inc.
LoanSnap invented the world's first smart loan technology that uses artificial intelligence to analyze a person's finances and shows simple ways to benefit from a smarter loan now and into the future. By working with LoanSnap, users can save money, time and feel confident that their smart loan will safeguard their financial needs. Visit www.goloansnap.com or download the iOS and Android apps to get pre-approved smart loan options now.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early stage technology startups. With more than $2 billion under management, True provides seed and Series A funding to the most talented entrepreneurs in today's fastest growing markets. The firm maintains a strong community that supports founders and their teams, helping True companies achieve higher levels of success and impact. To date, True has helped more than 250 companies launch and scale their businesses, creating over 10,000 jobs worldwide. To learn more, visit www.trueventures.com.
About MANTIS
MANTIS is an early stage technology investment firm supporting innovative companies across consumer and financial technology. It was created in partnership by recent Forbes cover honorees, Alex Pall and Drew Taggart, the pop duo sensation known as the Chainsmokers. MANTIS was created to leverage the Chainsmokers consumer experience and connection into helping companies who make an impact on consumers everyday life like LoanSnap.
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OutVox
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