Santander InnoVentures, the fintech venture capital fund of Santander Group, has invested in San Francisco-based startup Roostify, specialized in the digitalization of the process of obtaining a mortgage, enabling it to be done even via smartphone. Founded in 2014, Roostify built its enterprise platform with the aim of improving speed, eliminating paper, as well as simplifying the process to reduce overall costs. The California-based provider integrated with real estate marketplace lending platform LendingTree (NASDAQ: TREE) earlier this year.
“We have been very impressed with Roostify’s vision of putting the client first, and developing technologies that support such experiences,” stated Santander InnoVentures Head of Investments Manuel Silva. “We are excited about Roostify’s growth prospects, in particular as they think about new markets beyond the US. Following our ‘invest and partner’ model, we are excited to bring their solutions to Santander Group’s customers in the future.”
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Roostify announced today the closing of its Series B USD 25 million financing, in which Santander InnoVentures was an investor. The aim of this new funding is to help the company achieve its objectives, which include an expanded enterprise offering, product improvements and expansion into new markets.
“We were drawn to Santander Innoventures by their strong culture of innovation, and our shared vision of excellence for the consumer experience,” explained Roostify CEO and co-founder Rajesh Bhat. “We couldn’t ask for a better partner as we explore bringing consumer-first online lending innovation to the European market.”
InnoVentures, Santander’s USD 200 million corporate venture capital fund tasked to find, qualify and strategically invest in fintech businesses that can create strategic ties with Santander and help Santander innovate, has made 19 investments in the four years since its founding, investing in global companies that innovate across the fintech value chain, in the areas such as artificial intelligence, payments, credit, banking-as-a-service, financial inclusion, among others.