Smart loan technology company LoanSnap has closed a $30 million Series B investment round, bringing its total funding to $64 million. Avanta Ventures, the venture capital arm of CSAA Insurance Group, participated in the round.
Founded in 2017, the San Francisco-based company uses artificial intelligence to analyze a consumer’s finances, shows them where they are losing money, and then sorts through thousands of options to make a loan recommendation in seconds. It recently introduced the Snap Guarantee, in which the company guarantees to close a customer’s loan in 15 days or give them $500.
“The last year was a roller coaster for borrowers, but we have been there for them every step of the way. We are grateful our investors share our vision of improving Americans’ finances and want to see us expand.” – Karl Jacob, CEO and co-founder of LoanSnap.
Since rolling out this one-of-a-kind technology, LoanSnap has saved borrowers $35 million in 2020 alone. The company uses artificial intelligence to analyze a consumer’s finances, shows them where they are losing money and then sorts through thousands of options to make a loan recommendation in seconds. The company also uses AI and proprietary technology to automate much of the loan process instead of other lenders who do it manually. This provides a service much easier on the customer that instills peace of mind with lower payments and can get the cash they need quickly.
“LoanSnap has continued to thrive during an economic climate where other businesses have not been as fortunate. Their focus on the needs of their customers and delivering an unparalleled industry experience continues to give us the confidence to lead this round. The world needs a company dedicated to helping customers improve their finances rather than taking advantage of them.” – Phil Black, co-founder of True Ventures, an investor in LoanSnap.
“My LoanSnap broker analyzed all of my finances and my credit and even though some institutions wanted to pass on me, they said they could do this. Working with LoanSnap allowed me to save money for retirement and apply those savings to my son’s student loans.” – LoanSnap customer, a U.S. veteran who is saving nearly $1,500 a month.