Former Zillow Executives Raise $ 70 Million To Launch Tomo Mortgage Financing Technology

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Lending startup Tomo Networks announced Wednesday that it has received $ 70 million in seed funding after initially raising $ 40 million eight months ago. The second round was led by Ribbit Capital along with DST Global, NFX, SVB Capital and Zigg Capital. who was recently a leading investor mortgage Fintech Spruce.

Former Zillow Vice President of Prime Agents Business Cary Armstrong and former President of Media and Marketplace Greg Schwartz co-founded Tomo in October 2020 with the goal of improving the shopping experience. popular mission of digital lenders in a crowded field. They plan to give up refinancing altogether.

“In today’s housing market, buying is not a pleasure; it has become competitive, stressful and confusing, ”Schwartz said in a press release. “In the current madness, the personal communication, humanity and excitement that should accompany the purchase of a home are lost.”

To strengthen the buyer’s position in the market and resist competitionTomo claims that the pre-approvals of the loans will be completed within a few hours and will reduce the closing time by up to 55%. As part of its brokerage division, the company also partners with local real estate agents to provide borrowers with a human dimension through access to deeper market insights and pocket listings.

Headquartered in Stamford, Connecticut, Tomo first targets markets it believes are first-time home buyers and millennials due to fierce competition and rise in property pricesofficially opening today in Seattle, Dallas and Houston. Later in 2021, the company plans to expand to other metro areas with similar conditions.



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