LONDON, UK – Following the successful launch of the product in November 2021, Tree technologies (“tree”) raised £ 1.2 million to accelerate the development of its cloud-native mortgage creation platform and to support the launch of new customers. The round is led by Antler VC, with additional participation from major global angel investors including Booking.com founders Monzo, ThirdFort and senior executives from Pivotal, VMWare, Jones Lang Lasalle, Airwallex and many more.
Creating a mortgage is a slow and expensive process. Borrowers often wait up to sixty days to receive an offer on their mortgage application, causing uncertainty and failed transactions. Lenders, brokers and borrowers spend a lot of time in the origination process making clarifications, adding missing data and checking documents. The rigid systems used by many lenders only exacerbate this problem and remove the opportunities for tactical and agile change.
Mast has created a unique cloud-native mortgage creation platform that solves these problems and has helped process over £ 50 million in mortgage applications from the start. By providing real-time feedback on application quality in advance, Mast ensures that the data and documents used in an application meet the lender’s requirements to avoid the cumbersome round-trip process seen today. The new funding will allow Mast to continue developing its fully customizable underwriting workflow tools and Policy Engine to further automate the origination journey.
To support the full origin path, Mast serves as a gold source of lending policy with a secure risk and control framework built around it, has built-in secure two-way messaging, and encrypted note-taking.
Mast’s open infrastructure allows lenders to leverage other technologies as part of the origination journey, enabling applications to be sent and reviewed more quickly, as well as free flow of data in and out of the platform to other parties in the lending ecosystem.
Jed RoseAntler Partner: “As one of the most active early stage investors in the world, we are typically the first to invest and continue our support with investments up to Series C. We invest in just 1% of the 50,000+ founders who we meet every year and we currently have over 40 companies in our portfolio in the UK. From the very beginning we were impressed by the drive of Mast’s co-founders, who immediately distinguished themselves. After supporting the team with their first investment, we are excited to lead this next round as well. The broader participation of other large investors is further confirmation that there is significant support in applying deep industry experience and new technologies to solve this decade-long lending problem. “
Co-founder and CEO of Mast Joy Abisaab commented on the announcement, saying, “We are very excited to announce this milestone and are very grateful to those who join us on our journey and trust our ambitions. Since launching with our first client, we’ve made a significant contribution to improving conversion rates and the time to deliver on time. We are building the platform with direct and close feedback from lenders and brokers. This funding will allow us to significantly accelerate the product roadmap and design speed. We have seen significant innovation in the financial landscape over the past 15 years, but mortgage lending technology has lagged behind improvements in consumer services. Now is the time to upgrade the lending technology ”.
Mast is expanding its design and product team. Join the tree @ usemast.com/careers
Founded in 2020, Tree is building a cloud-native home mortgage infrastructure that allows lenders to operate more efficiently, react faster to changing market conditions and focus on offering the best possible service. Mast aims to provide greater clarity and certainty to borrowers by partnering with lenders and enabling them to make better decisions, faster, by taking the stress out of the process.
Horn is the world’s most active early stage investor, supporting hundreds of tech startups and thousands of entrepreneurs across six continents or leading business hubs such as New York, London, Stockholm, Berlin, Bangalore, Singapore, Seoul and Sydney.
Antler is changing the way early stage investments are made on a large scale and making entrepreneurship more accessible to exceptional talent everywhere. Antler is helping to professionalize early-stage investments, bringing new capital, a large global community of co-founders and a broad set of industry expertise to support fast-growing companies from the start.
Mast Technologies secures £ 1.2 million investment in seed led by Antler VC – UK Tech Investment News
Source link Mast Technologies secures £ 1.2 million investment in seed led by Antler VC – UK Tech Investment News