MortgageHippo, a Chicago based mortgage technology company, raised approximately $2.25 million in seed capital, led by CMFG Ventures, the venture capital entity of CUNA Mutual Group.
The company raised triple what it originally expected.
At first, MortgageHippo raised an initial seed round of $750,000 in January 2016, led by the venture arm of real estate brokerage, @properties. This announcement marked the official close to the January 2016 seed round, along with an additional $1.5 million.
MortgageHippo’s propriety digital lending platform for lenders, brokers and other mortgage originators is SwiftDLP, a white-label solution that helps lenders devise and implement their digital mortgage strategies. It's website also helps potential homeowners through the mortgage process.
“We are very excited about CMFG Ventures’ investment in our company and the strategic value and familiarity with the credit union market they bring to the table,” said Valentin Saportas, co-founder and CEO of MortgageHippo.
The company said it plans to use the funds primarily to further expand its software development and sales team.
“The mortgage process can be cumbersome, leading to decreased customer satisfaction, inefficiency and higher origination costs,” said Brian Kaas, President and Managing Director of CMFG Ventures. “Our investment in MortgageHippo will bring new innovation to the digital mortgage experience that can help credit unions deliver a superior online mortgage experience to their members in a way they prefer to engage in the process.”