Perch, a Canadian mortgage Fintech, has raised $4 million in Series A funding, according to a release. Perch raised $1 million in seed funding last October.
Investors in the new round include Second Century Ventures (National Association of Realtors), Ontario Centre of Innovation, and B.E.S.T. Funds.
Alex Leduc, founder and CEO of Perch, said his company is on a mission to simplify home ownership as they enable first time buyers to come to market sooner:
“With over $100 million in funded mortgages to date and thousands of users that have already joined Perch, this is clear evidence we’re on the right track. As we continue growing, our employees, investors and partners are all key to our success.”
Rising interest rates is impacting homeownership, stated Tyler Thompson, MP of Second Century Ventures.
“We believe in Perch’s ability to continue improving on the existing process and product to ultimately create more solutions for borrowers and real estate agents that we know are needed in today’s market.”
Perch aims to boost homeownership by streamlining the purchase process. Its platform allows users to compare thousands of mortgages from more than 30 lenders, and then get pre-approved for a loan in as little as 20 minutes and full approval in less than 2 days.
Perch claims a mortgage funding rate 6x more efficient than the industry average, and a 215% customer referral rate. Perch reports year-over-year user growth of 130%. The company currently operates in all Canadian provinces.