[Funding alert] Easy raises $15M in Series-A round led by Xponentia Capital, others
Mortgage tech startup Easy has announced that it has raised $15 million as part of its Series A funding round. The round was led by Xponentia Capital Partners and saw participation from global VC funds — existing investor Harbourfront Capital, Finsight VC, RaSa Future Fund, Navida Capital AB, Helena Wasserman Eriksson, and Integra Software.
Founded in August 2018 by Rohit Chokhani, Easy operates across geographies in a phygital model and provides instant decision on home loans. It said that it provides mortgage on mobile to the underserved consumers. The venture is focused on measuring Environmental Social & Governance (ESG) Impact proactively.
Rohit Chokhani, Founder and Director, Easy, said, “A consumer has to jump multiple hoops to get a home loan. In order to offer mortgage on mobile solution, we must first understand the income, assets, credit & property. The traditional way would be filling out multiple forms and answering questions to figure out these variables, but we use data to understand our customer better."
"We have developed an in-house property intelligence tech combined with credit tech and are able to deliver seamless consumer experience within minutes and not days. We have seen our fastest client from origination to moving-in the property in two days."
The company earlier raised an undisclosed amount from Harbourfront Capital in August 2019. Easy aims to achieve $150 million assets under management over the next 24 months and will expand its network to more than 100 locations across the country. The company is backed by more than a dozen banks and financial institutions, it said in a statement.
PR Srinivasan, Managing Partner, Xponentia Capital Partners, said, customers of Easy can focus on things that matter and not worry about drudgery and paperwork.
"Buying a house is what it should be - a delightful experience. We are excited to partner with Rohit and the entire team in their journey to digitize the mortgage industry," he added.