Roostify Series C Funding: We will simplify home lending without compromising on quality and time-to-market

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At Roostify, we have a clear purpose: to simplify the home lending process. To quote our millennial team members, we’re obsessed with home lending. We are hyper-focused on perfecting and digitalizing the entire home buying experience from start to close. We aspire to design meaningful, end-to-end solutions to solve the complex challenges faced by home lending institutions every day.

That’s why I’m thrilled to share that Roostify has secured $32M in Series C funding led by Ten Coves Capital. With this funding, we’ll accelerate our vision of simplifying home lending without compromising on quality and time-to-market. We’ll leverage innovative AI throughout the entire home lending process, making it faster and more transparent for everyone involved.

We’re also glad to have welcomed Ten Coves Capital and principals from Stone Point Capital to the Roostify community. Their deep expertise in the technology and financial services industries will support us in developing our long-term technology strategy well beyond loan origination. The return of all of our major existing investors -  Cota Capital, Mouro Capital, Colchis Capital, Point72 Ventures, and JPMorgan Chase  - is a testament to their confidence in our sustainable growth trajectory as Roostify redefines what a truly accessible home lending experience is. 

As a society, we have always dreamed of owning a home. We work hard for it. We make sacrifices for it. Our experience during the COVID-19 quarantine has intensified this desire. In 2020, Roostify saw a 250% increase in the number of applications submitted through our system and processed just under 1.5M loan applications through our platform. Our platform currently supports more than 200 lending institutions and handles roughly $50B in loan volume monthly. This has reinvigorated my passion for making the home lending process easier, safer, and more equitable. 

As I reflect back on lessons learned in 2020, the most important lesson for the mortgage industry was that we can no longer delay innovation and digital transformation. While the recent record-breaking origination volume was certainly welcomed, it also overburdened outdated mortgage lending processes and systems. We learned that having digital tools that aren’t aligned with business goals and clients’ expectations is not enough. We need to adopt a digital-first mentality that relies on technology-enabled transformation to solve real business problems. In order to thrive in a digital-first world, mortgage lenders need critical digital transformation initiatives, such as cloud-based technology, self-service solutions for consumers, and meaningful AI deployments.

We’ll continue to work closely with Google Cloud AI to use data to change the home lending process as we know it. We’re using AI and data to eliminate unnecessary steps from the home lending process and automate the steps that are necessary. We’re making it easier for mortgage lenders to access the information they need to make well-informed, data-driven decisions for their businesses. Through personalization, customization, and actionable insights, we’re empowering our clients to deliver the best home lending experience possible to their clients. 

Roostify is still in its infancy in terms of the impact we can make on the home lending industry, and the areas of opportunity are expansive. My team and I believe that it’s not enough to simply do digital lending better. We’re here to empower lenders to go beyond the efficiencies and cost-savings and forge a true connection with the end-user. We’re creating a world where financial success is possible for everyone, thanks to a simplified home lending experience. 

Rajesh Bhat

Founder & CEO @ Roostify

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