Roostify, which powers the digital mortgage platforms of JPMorgan Chase, TD Bank, Guild Mortgage, HSBC Bank United States and more, envisions expansion in the United States and internationally through a new injection of funds from Santander Group and others.
Roostify and Santander announced on Tuesday that Santander InnoVentures, the Santander group’s fintech venture capital fund, led an expansion funding round for the digital lending platform provider.
Existing investors JPMorgan Chase and Capital of Colchis, among others.
The companies did not disclose how much money the company raised in this financing, or how much Santander’s venture capital fund is investing, but the investment is Santander’s second to Roostify.
In early 2018, Santander InnoVentures participated in Roostify’s $ 25 million Series B funding round. And now the company is investing again, which should help Roostify to continue its expansion.
Roostify, which was founded in 2012, has grown steadily over the past few years, including becoming the digital mortgage platform provider for the banks mentioned above.
According to the company, its monthly loan volume has more than doubled in the past 12 months. The company now sees nearly $ 20 billion per month in mortgages processed through its platform.
Roostify says the new financing from Santander will support the company’s continued development of its mortgage platform, as well as “additional consumer loan products”.
Beyond that, Roostify will also expand its geographic footprint to include the UK and Europe.
As for Santander, the company’s venture capital fund is backing Roostify’s expansion with an investment and a global deal that could see Roostify fuel Santander’s expansions into “key new markets.”
According to the companies, since InnoVentures’ initial investment in Roostify, companies have “explored ways to work together, commercially and beyond.”
The investment could also pave the way for Roostify’s Series C financing round in the near future.
“We are delighted to continue to support Roostify in its next stage of growth as they move forward with their multinational and product expansion strategy,” said Manuel Silva Martínez, Partner and Head of Investments at Santander InnoVentures , in a press release. “The company has experienced impressive growth since we initially invested in it last year, and the European mortgage market is ripe for the kind of machine learning tools Roostify offers. “
Martínez will also join Roostify’s board of directors as an observer.