Morty, the online mortgage marketplace, has closed its $25 million Series B financing round, bringing its total investment to date to $38.4 million. March Capital led the round, with participation from Rethink Impact and existing investors Thrive Capital, Lerer Hippeau, Prudence Holdings, FJ Labs and Metaprop.
Founded in 2016, Morty is an online mortgage marketplace that provides homebuyers a place to evaluate competitive offers from multiple lenders, then lock and close their loans through an automated platform. Led by the product and engineering-focused founding team of CEO Nora Apsel and CTO Adam Rothblatt, Morty has digitized the process of getting a mortgage into a tech-first experience that guides homebuyers through the process.
Morty’s platform provides homebuyers with a self-service experience with on-demand support from its team of mortgage experts. In the past 12 months, Morty’s marketplace has processed more than half a billion dollars in loans and saw revenue grow 800% year-over-year. The company is currently licensed in 36 states and Washington, D.C., and intends to serve homebuyers nationwide by the end of 2021.
“The past twelve months have been a transformative time for the housing market,” said Nora Apsel, co-founder and CEO of Morty. “As homebuyers rushed to make purchases, Morty was there to provide a personalized, interactive loan selection, lock in competitive rates and stand shoulder-to-shoulder with them through to closing. Our business model and our philosophy are about advocating for homebuyers. This investment will allow us to develop our product and pursue partnerships that align with that worldview.”
Morty will use the funding to make important investments in hiring, consumer marketing and product expansion. The company will also explore B2B2C opportunities to embed mortgage technology into the greater real estate ecosystem.
