Nizhny receives $ 100 million to develop its mortgage platform



  • Lower receives $ 100 million to develop its mortgage platform.

US alternative lending company Lower has raised a $ 100 million Series A funding round led by Accel, on the TechCrunch.

Fintech Lower Application Pages and Features

Below goes higher with the Serie A round. $ 100 million.

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Lower aims to simplify the home buying process for consumers by helping users save on their home and obtain or refinance mortgages. Through him net from 35 partners including Liberty Mutual, Chubb and Progressive, users can also get insurance.

What did the investors like? The bottom is profitable – unusual a distinctive feature of fintech companies – and has added new services to increase its activities in recent years

  • Lower has provided billions of dollars in loans. After doubling its revenue annually, it hit $ 300 million in revenue in 2020. The Series A round marks the first round of external funding in seven years. Lower’s historic independence as a previously established company has likely boosted investor confidence.
  • In 2018, Lower launched a website to host its savings and loan services. This year, she added a savings account mobile app to her product portfolio. Savings account, HomeFund, FDIC insured and offers 0.75% per annum. The bottom also offers a “dollar-to-dollar reward” for the first $ 1,000 saved. This attractive savings offer appeals to its largely young customer base, allowing Lower to attract users early on and resell them in mortgages later.

Fintech is gaining more independence through its own service platform and is targeting a possible IPO.

  • While Lower serves most of its loans, it also employs a subcontractor to handle all of the administrative, regulatory, and financial mortgage loan transactions. Lower plans to launch its own servicing platform in early 2022, which will increase revenue and increase its independence by eliminating the monthly payment of a flat fee for each loan to a subcontractor.
  • The IPO is part of Lower’s long-term roadmap. Fintech will focus on scaling over the next few years to strengthen its value proposition to enter public markets. Lower isn’t the only mortgage-focused fintech looking to go public: Notepad for suggestions as well as At home went public through SPAC in March, while Blend filed for an IPO in april

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