Roostify, an automated mortgage transaction technology provider, has raised funding through Series A round led by a subsidiary of USAA, a financial services provider to the U.S military and their families. Other investors included two Tier 1 banks and Colchis Capital.
Founded in 2014 by three frustrated technologist who pooled in their expertise on real estate and mortgage and some banking experts to develop the new web and mobile service Roostify that helps agents, lenders and homebuyers. The startup aims to eliminate anxiety for the buyer as as it gives them more control over the process and takes out the guesswork. The service help the lenders to approve and process more loans in less time and handle more loans simultaneously. Headquartered in San Francisco, the startup has been financed by private investors. It has partnered with Fannie Mae, Yodlee and others till date, it has process thousands of mortgage applications through its platform.
Rajesh Bhat, CEO of Roostify said, “The mortgage application process, which is long and arduous, needs revamping from both the consumer perspective as well as lenders. Our solution brings a user friendliness to the process that benefits lenders and applicants by streamlining the process, cutting the time to close loans and lessen errors in the applications. This round of funding allows us to expand our technology and add more lenders and other stakeholders to the platform.”
Michael Smith, Executive Director of Corporate Development for USAA said, “USAA looks t invest in companies that offer innovations that could help us serve our members. Roostify is innovating the home buying process for consumers and lenders through a platform that brings simplicity and efficiency to something that sorely needs it.”