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Investments

Sindeo raises $6.5 million to bolster mortgage business

Spurs growth in mortgage technology

Sindeo, a modern mortgage marketplace, raised $6.5 million in funding through a $5 million Series A round, which will help speed up the company’s growth in the industry.

At the end of January, the lender announced its next big step in the housing industry since its founding in 2013, beginning with four new executive hires.

Based in San Francisco, Sindeo provides open access to information so people can research, shop, qualify and close their loan, all in one place.

The lender said it will use the funds to provide consumers with the proper guidance, information and tools to find the right mortgage and lender through its mortgage marketplace, fueling its expansion into major markets in the United States.

And due to such significant funding and support, Sindeo is advancing its suite of social mortgage tools and technology in the second half of 2015.

Renren, the largest real-name social networking site in China, leads the funding, with James Liu, co-Founder and COO of Renren, also joining the Sindeo board of directors.

“Sindeo is one of the most promising players in the financial technology space because it has amassed a highly-talented team to propel the growth and innovation of its cutting-edge mortgage marketplace,” said Liu. “We have seen firsthand the power of leveraging technology to transform financial services and are looking forward to working with the Sindeo team to redefine the mortgage industry.”

In addition, Arkadi Kuhlmann, an entrepreneur, also became an investor in Sindeo. Before his current role as founder and CEO of ZenBanx, Kuhlmann was founder and CEO of ING Direct.

“As the investors leading our Series A, Kuhlmann and Renren represent an important endorsement of our business model and our mission to provide consumers with a new and simple way to get a mortgage,” said Sindeo Founder and CEO Nick Stamos. “We’re dedicated to maintaining our growth and transforming the mortgage industry by harnessing impressive technology and providing consumers peace of mind when financing their home.”

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