US-based online mortgage lender Neat Capital completed a $22.5m series B round yesterday featuring American Family Ventures, the strategic investment arm of insurance group American Family.
Venture Capital firm Left Lane Capital led the round, which also included undisclosed existing backers. The company said it has now raised $37.2m of equity funding to date.
Founded in 2015, Neat Capital provides mortgage loans through an online platform it claims can approve its customers three times faster than the industry average. It will use the proceeds of the round to scale its operations and form new contacts with mortgage brokers.
The company had closed $10.2m in equity funding in from one group of unnamed investors and $3m from another in August 2020, according to regulatory filings.
Luke Johnson, founder and CEO of Neat Capital, said: “Our growth has been nothing short of explosive, and we have far exceeded the organic growth trends in the industry with a pipeline swelling with more than 10x annual growth.
“This new financing will help meet client demand, which has outpaced expectations, and support the continued growth and expansion of Neat Capital across the United States.”