Mortgage fintech company completes capital raise
Home Captain, a fintech company that looks to increase mortgage-lead conversion rates, completed a Series A financing round led by Spring Mountain Capital.
Spring Mountain joined Second Century Ventures, the strategic investment arm of the National Association of Realtors, as an institutional investor in Home Captain, which pairs prequalified homebuyers with real estate agents.
The company uses an algorithm to match a consumer already prequalified for a mortgage with the real estate agent. It allows loan officers to keep tabs on prequalified buyers, especially those who have delayed their search.
This process improved application-to-closing rates by three to five times, Home Captain said.
Home Captain works with over 25 mortgage lenders and over 30,000 real estate agents. The lender hires Home Captain.
Coordinating the activity between the consumer, loan officer and real estate agent is its "concierge team," which primarily consists of military spouses.
"Home Captain is precisely the type of innovative fintech company that we seek to invest in," Launny Steffens, founding managing director at Spring Mountain Capital, said in a press release. "It enables mortgage lenders to 'close the loop' in the application-to-closing conversion process. The market is rapidly adopting the company’s service platform because it delivers value to all the parties in the home purchase process."
Home Captain's founder and CEO is Grant Moon, an Iraq War veteran whose previous company, VA Loan Captain, was created following a poor customer service experience when he was trying to purchase a home.
"This strategic infusion of capital will further accelerate our growth, combining a proven market leader with Spring Mountain Capital's unparalleled network within the financial services sector," Moon said in the press release.
Home Captain works with borrowers looking for all different kinds of mortgage products; only 20% of its customers seek VA loans.