By Daniel Lanyon on Wednesday 23 October 2019
Roostify will leverage the additional funding to consolidate its new product roadmap and expand its international reach outside of the United States.
Santander InnoVentures, Santander Group’s fintech venture capital fund, has r cloud-based digital lending platform Roostify
Santander first invested in the firm, which enables mortgages to be completed via smartphones, in February 2018.
Founded in 2012, Roostify’s integrated digital lending platform connects customers and lenders and, it claims, lowers costs and speeds up the process.
The company’s monthly loan volume has more than doubled over the last twelve months to nearly $20bn a month as it supports leading global banks with their digital transformation journey, it says.
This new funding round, which was led by InnoVentures, will support the company’s geographic expansion as it moves into the UK and other markets across Europe.
The round also included funding from existing investors JPMorgan Chase and Colchis Capital among others.
Manuel Silva Martínez, partner and head of Investments at Santander InnoVentures, says the firm has seen impressive growth since in the past year, and that the European mortgage lending market "is ripe for the type of machine learning tools that Roostify offers.”
Rajesh Bhat, co-founder and CEO of Roostify, said: “Digital transformation is a key strategic priority for banks worldwide, and industry-leading lenders are focused on delivering the best customer experience while managing costs. The Roostify lending platform enables lenders to realize up to 300% growth in loan applications and a significant reduction origination costs. The future is frictionless, everyone benefits when you optimize the lending process.”