Santander InnoVentures invests in Roostify
Santander Group’s fintech venture capital fund, Santander InnoVentures, has announced it is leading an expansion funding round for USAA-backed digital lending platform Roostify . Santander first invested in the company in February 2018 and this is its second investment.
Founded in 2012, Roostify’s digital lending platform connects customers and lenders to accelerate the home loan experience improving speed, eliminating paper as well as simplifying the process to reduce costs.
The company’s monthly loan volume has more than doubled over the last twelve months to nearly $20 billion a month as it supports leading global banks with their digital transformation journey. To date, customers have shared that the platform has driven a reduction in banks’ mortgage lending process time by an average of 20%.
The latest funding will support Roostify’s growth through its continued build-out of capabilities of its public cloud-based platform, including enhanced decision-making and fulfillment capabilities, data and machine learning tools, and additional consumer lending products. It will also support the company’s geographic expansion as it moves into the UK and other markets across Europe.
“We’re excited to continue supporting Roostify in their next stage of growth as they forge ahead with their multinational and product expansion strategy. The company has seen impressive growth since we originally invested in them last year, and the European mortgage lending market is ripe for the type of machine learning tools that Roostify offers.” – Manuel Silva Martínez, partner and head of Investments at Santander InnoVentures.
“Digital transformation is a key strategic priority for banks worldwide, and industry-leading lenders are focused on delivering the best customer experience while managing costs. The Roostify lending platform enables lenders to realize up to 300% growth in loan applications and a significant reduction in origination costs. The future is frictionless, everyone benefits when you optimize the lending process.” – Rajesh Bhat, co-founder and CEO of Roostify.
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Under this partnership, Roostify will integrate Google Cloud’s new Lending DocAI solution into its digital lending platform, leveraging capabilities in AI and ML to decrease the time it takes to process documents, increase accuracy, and reduce costs, helping lenders provide their clients with a better experience.