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The updated release reads:
NEAT CAPITAL SECURES $22.5 MILLION IN SERIES B FUNDING ROUND
Left Lane Capital joins existing investors to fuel continued growth, scale operations
Neat Capital, a Boulder-based home financing technology company, announced that it has closed on $22.5 million in new financing. Left Lane Capital led the Series B with existing investors, including American Family Ventures.
Neat Capital pioneered a smarter home loan experience that delivers unparalleled speed, certainty, and transparency by automating the entire lending process with modern and proprietary pricing algorithms, underwriting approval, and loan production. In this way, Neat’s technology delivers certainty in approving clients 3x faster than the industry average and helps clients win their home bid with a cash-like offer, all while providing a level of end-to-end transparency that is unmatched in the market. Neat’s vision is to make buying a home as frictionless as using cash, and to empower clients by giving them visibility, educational resources, and control over their financial data along the way. While Neat certainly offers a digital-only, self-directed home buying experience, Neat’s lending platform is unique in combining modern tech with the human element of support for clients seeking to work with experienced loan officers while making the largest financial decisions of their lifetime.
"Mortgage is a $3.2 trillion annual market opportunity that is still fueled by an antiquated approach to lending that results in a frustrating consumer journey. There is incredibly strong client demand for a better experience. Our growth has been nothing short of explosive, and we’ve far exceeded the organic growth trends in the industry with a pipeline swelling with more than 10x annual growth,” said Luke Johnson, Neat’s Founder and Chief Executive Officer. “This new financing will help meet client demand, which has outpaced expectations, and support the continued growth and expansion of Neat Capital across the United States.”
“Neat has built the technology needed to revolutionize the decades-old mortgage industry, while executing at an incredible pace,” said Dan Ahrens, Partner at Left Lane Capital. “They’re creating the best possible experience for everyone in the mortgage ecosystem: most importantly their clients, but also loan officers, realtors, wealth managers, end investors and others. We’re thrilled to partner with such a strong team to capture the largest consumer finance market on the planet.”
To date, Neat has raised $37.2 million in equity financing to fund its innovative approach to home financing. The company will use the funds to scale operations, add new distribution sources, and continue to make the entire home loan experience transparent, simple, and “neat” for consumers.
Neat Capital Inc. is a financial services technology company that offers clients residential home financing with unparalleled speed, certainty, and clarity. Neat Capital is reinventing the industry with the only tech in the market today that brings clients all the way through the home loan process in one session. Neat's vision is to make buying a home as frictionless as using cash. The company reaches consumers directly and also partners with Fortune 500s, the real estate and wealth management communities, and banks to serve their clients’ home loan needs. For more information, visit NeatCapital.com.
Left Lane Capital is a New York-based venture capital and growth equity firm, investing in high-growth internet and technology companies that build lasting relationships with customers. The firm invests in Series A-C companies and aims to partner with extraordinary entrepreneurs creating category-defining businesses. Learn more at leftlanecap.com.
American Family Ventures is a venture capital firm focused on insurance innovation. Founded in 2013, AFV invests in early-stage startups that are redefining the future of the insurance industry. AFV aims to help create category-leading companies through minority equity positions, active partnership and collaboration, an extensive Insurtech network, and a comprehensive platform of value-add programs. To learn more, visit amfamventures.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210112005214/en/