Sindeo, an online mortgage marketplace, has raised $6.5 million of funding through a $5 million Series A round. This follows on from the $1.5 million raised via a previous Seed round.
The platform will use the funds to provide consumers with the proper guidance, information and tools to find the right mortgage and lender through its mortgage marketplace and fuel its expansion to major markets in the US.
The funding round was lead by Renren, the largest real name social networking site in China. The Co-Founder and COO of Renren, James Liu, will join the Sindeo Board of Directors.
Renren is also an investor in SoFi, and its interest in the FinTech sector comes from their ability to leverage technology to scale. Sindeo is using this large funding round to advance its selection of social mortgage tools and technology in the second half of 2015.
“Sindeo is one of the most promising players in the financial technology space because it has amassed a highly talented team to propel the growth and innovation of its cutting-edge mortgage marketplace. We have seen firsthand the power of leveraging technology to transform financial services and are looking forward to working with the Sindeo team to redefine the mortgage industry.”
Another investor – the entrepreneur Arkadi Kuhlmann – has joined Renren as an investor in Sindeo. Before his current role as Founder and CEO of ZenBanx, Kulhmann was Founder and CEO of ING Direct, the largest direct bank in the US. Kuhlmann has built a career on transforming financial services through new business models, and Sindeo is no exception.
“I am pleased to support Nick and his team’s mission to empower consumers with the right information and technology to make financing a home as transparent and easy as possible,” “Sindeo is raising the bar for mortgage lending, giving consumers a new level of choice and service, and this funding will speed up the expansion of its mortgage model to markets outside of California.”
Nick Stamos, Sindeo’s Founder and CEO, offered his take:
“As the investors leading our Series A, Kuhlmann and Renren represent an important endorsement of our business model and our mission to provide consumers with a new and simple way to get a mortgage. We’re dedicated to maintaining our growth and transforming the mortgage industry by harnessing impressive technology and providing consumers peace of mind when financing their home.”
It is clear that Sindeo is looking to expand quickly. Earlier this year Sindeo expanded its leadership team to aid in its assault on the mortgage industry. The platform hired experienced leaders from other marketplace lenders, such as SoFi, Prosper and Trulia. With this large funding round Sindeo will be able to put that expansion plan into action.