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Sindeo’s savior revealed: Renren revives mortgage startup

Chinese social network previously invested in San Francisco-based startup

It’s been an interesting last few weeks for Sindeo, to say the least.

Three weeks ago, the San Francisco-based mortgage technology firm shockingly shut down without warning. The company laid off 61 of its 70 employees after the it failed to secure an apparently needed round of funding.

But Monday, things took a decidedly unexpected turn, as the company’s website was back up and functioning as if nothing had happened.

A source told HousingWire on Monday that one of Sindeo’s investors acquired the company, but the source was not aware of which investor it was.

HousingWire can now confirm that Sindeo was indeed acquired by one its investors – Renren, a social media network in China.

In an email to HousingWire, Sindeo CEO Nick Stamos confirmed the details of Renren’s acquisition of the company and said that the company is committed to continuing its previously shuttered operations.

“Renren, one of Sindeo's investors, has acquired Sindeo and all of its assets,” Stamos told HousingWire. “We are excited to work closely with the Renren team to execute on our original mission of offering homebuyers a straightforward path to home ownership and refinancing.”

Stamos did not provide any further details on the nature of Sindeo’s acquisition or the financial terms of the deal.

Renren previously invested in Sindeo, leading a $5 million Series A round of funding back in February 2015.

At the time, Renren’s co-founder and chief operating officer, James Liu, took a seat on Sindeo’s board.

“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,” Liu said in 2015. “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.”

Now, Renren has acquired Sindeo and is apparently funding its rebirth.

This is not the first time that Renren invested in the mortgage business either. Later in 2015, Renren invested in SoFi, participating in a $1 billion in Series E funding led by SoftBank.

HousingWire attempted to contact Renren for further details on its involvement in Sindeo, but as of publication, the company has not responded.

This article will be updated should Renren respond.

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