SAN FRANCISCO, Oct 21, 2020 (GLOBE NEWSWIRE) – LoanSnap, the company that helps consumers take control of their financial futures and creators of the world’s first smart lending technology, today announced it has raised an additional strategic investment from $ 5 million led by Avanta Ventures, the venture capital arm of CSAA Insurance Group, an AAA insurer, rounding the total investment in the Series A expansion to $ 15 million.
LoanSnap’s mission to improve every consumer’s finances is a vision shared by its new investors. The goal of Avant Ventures is to invest in disruptive technologies and a new generation of services that optimize and increase the value offered to AAA members.
CSAA Insurance Group and LoanSnap have built their businesses on helping their clients make some of the most complex financial decisions of their lives.
“At Avanta Ventures, we are committed to transforming the way people manage their financial risk and providing new solutions to life’s uncertainties. LoanSnap’s mission to help people better understand their full financial health aligns with this commitment, ”said Sanjiv Parikh, Managing Partner of Avanta Ventures.
Since deploying this one-of-a-kind technology, LoanSnap has already saved borrowers nearly $ 60 million, and in California alone, the company is saving customers an average of nearly $ 900 per month. LoanSnap uses artificial intelligence to analyze a consumer’s finances, show them where they’re losing money, then sort through thousands of options to make a recommendation in seconds. By automating much of the loan process, it is now possible to close loans in just 15 days or less, providing much easier service to the client and with the peace of mind that they will reduce their payments and get the loan quickly. money he needs.
“Mortgage rates are at record highs and many Americans are jumping at the chance to refinance and buy a new home,” said Karl Jacob, CEO and co-founder of LoanSnap. “It is more essential than ever that borrowers assess their full financial health before deciding on the best loan option. We pride ourselves on helping people achieve peace of mind and financial stability during these difficult times. ”
LoanSnap analyzes a consumer’s financial health to show them where they are losing money and offers easy-to-understand options like “save $ 862 per month”. Clients enter only a few pieces of information compared to the countless forms normally associated with other lenders. The technology even provides updates to customers as their financial situation changes.
For more information or to get started with LoanSnap today, visit www.goloansnap.com.
About LoanSnap, Inc.
LoanSnap invented the world’s first smart lending technology that uses artificial intelligence to analyze a person’s finances and shows easy ways to get smarter lending now and in the future. By working with LoanSnap, users can save money, save time, and be confident that their smart loan will protect their financial needs. LoanSnap has raised a total of $ 31 million in venture capital from True Ventures, Thomvest Ventures, Richard Branson’s Virgin Group, Baseline Ventures, Core Innovation Partners, Joe Montana’s Liquid 2 Ventures, OVO Fund, Transmedia Ventures and MANTIS, the company venture capital firm founded by Grammy-winning pop duo The Chainsmokers.
On Avanta Companies
As a venture capital arm of CSAA Insurance Group, an AAA insurer, Avanta Ventures is committed to transforming the way AAA members manage their risks and providing new solutions to life’s uncertainties. Avanta Ventures invests deep industry expertise, financial support, and other resources to create products and services that deliver extraordinary value to AAA Members of today and tomorrow.