Boston, US-based digital mortgage marketplace startup, Own Up raised US$ 12 million in a Series B funding round on 14 January 2021.
The funding round was led by Brand Foundry Ventures. The total funding raised by the company to-date stands at US$ 24.2M.
The funds raised will be utilized by Own Up to expand nationally. It is planning to expand to 15 new states in 2021, including California. Consumers already have access in Colorado, Connecticut, Florida, Georgia, Maine, Massachusetts, Michigan, New Hampshire, Pennsylvania, Rhode Island and Texas.
About Own Up
Own Up was founded by Brent Shields, Mike Tassone and Patrick Boyaggiin in 2016. It provides a software solution enabling residential lending from various lenders, functioning both as an adviser and marketplace. The company allows people to finance their homes by eliminating the salesperson and providing a solution to compare, choose, and close with lenders. Own Up supports primary residences, second homes and investment properties, including single-family and multi-family homes, condos, and townhomes. It is headquartered in Boston, Massachusetts.
Own Up aims to bring transparency to the process of residential lending by eliminating the traditional broker commission, normally 1.15% of the loan. Own Up handles the entire application process in return for a fee of 0.40% of the loan amount from the lender. It claims that the customers who used the service in 2020 would save more than $100 million in interest payments over the lifespan of their loans. Own Up allows customers to determine their loan approval status. They can also compare lenders and pre-qualified loan offers.
What the CEO has to say
“This new round of funding will enable us to help more people, in more ways. We will continue to develop technology that eliminates information asymmetry and creates a best-in-class experience for everyone searching for a fair deal on their mortgage,” said Patrick Boyaggi, CEO and co-founder of Own Up.
What Investors have to say
“More customers are preferring to complete all aspects of home buying and financing online. The funding goes hand-in-hand with Own Up’s mission to expand beef up its digital platform. Technology companies are transforming financial services and enabling consumers to achieve better financial outcomes, which is core to Own Up’s mission. In this next phase of growth, Own Up will strive to reach more buyers and homeowners through geographic expansion and become the premier online destination for any American looking to purchase or refinance,” said Brian Spaly, general partner at Brand Foundry Ventures.
Next article
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
[…] US-based Digital Mortgage Marketplace Startup Own Up Raises US$ 12M […]