US-based mortgage marketplace operator Sindeo has secured $5m in a series A round led by social networking site Renren.
The funding was announced together with a $1.5m seed round that was provided by unnamed backers. James Liu, Renren’s chief operating officer, will join Sindeo’s board of directors in conjunction with the funding.
Founded in 2013, Sindeo’s online platform aims to provide mortgage advice and connect people with the most suitable lenders.
Headquartered in San Francisco, the company employs more than 40 staff to support its operations. It will use the funding to support an expansion into the major markets in the US, and to upgrade its social mortgage tools and technology.
The investment follows Renren’s investment in SoFi, an alternative loans marketplace that raised $200m in funding earlier this month. Renren said its investment in both companies was due to its interest in fintech marketplaces that leverage technology to scale.