LoanSnap, a developer of smart loan technology that utilizes Artificial Intelligence, announced that it has elevated an additional USD 4.7 million in funding. The San Francisco-based startup uses AI to assess a consumer’s financial situation instantly and advise the best options for their unique needs, all while addressing common financial issues like too much debt.
The funding led by Thomvest Ventures and existing investors, LoanSnap will utilize the capital to accelerate its offering, explore additional opportunities with Thomvest Ventures and assist more consumers to take control of their financial future. The existing investors include Baseline Ventures, Core Innovation Partners, Branson’s Virgin Group, OVO Fund, Montana’s Liquid 2 Ventures, Transmedia Ventures, and angel investors. LoanSnap’s AI-powered smart loan analyzes a customer’s complete financial situation in a matter of seconds to provide easy-to-understand options such as ‘pay off your credit card debt and save USD 580 a month’. Introduced in July 2018, LoanSnap has received widespread positive feedback and helped their customers improve their financial situation. This funding will make the company strong and to progress toward assisting consumers to get better their financial situation.
LoanSnap has already expanded through offering from the conventional mortgage, refinance and home equity solutions to supporting America’s active-duty and veteran service personnel with smart Veterans Administration (VA) loans which offer a more stable financial future for military families. The company also launched Operation Home Foundation, a charitable foundation which helps U.S. service personnel and their families as they transition to civilian life. From last year, LoanSnap began making loans after acquiring Costa Mesa, California-based lender DLJ Financial. However, the service is not available in all states yet, but it plans to expand this year.