SAN FRANCISCO--(BUSINESS WIRE)--Sindeo, a modern mortgage marketplace, today announced it has raised $6.5 million in funding through a $5 million Series A round, which follows an earlier $1.5 million Seed round. Sindeo will use the funds to provide consumers with the proper guidance, information and tools to find the right mortgage and lender through its mortgage marketplace and fuel its expansion to major markets in the United States.
The company’s funding is led by Renren, the largest real name social networking site in China, with James Liu, Co-Founder and COO of Renren, joining the Sindeo Board of Directors. Liu is a pioneer of the Chinese Internet industry, including being Co-Founder and CEO of UUMe.com, one of the earliest social networking service websites in China, which Renren acquired in 2005.
Renren is also an investor in SoFi, a lending marketplace and the largest provider of student loan refinancing. Renren’s investment in Sindeo, like SoFi, is due to its interest in FinTech marketplaces that leverage technology to scale. Due to such significant funding and support, Sindeo is advancing its suite of social mortgage tools and technology in the second half of 2015.
“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,” said Liu. “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.”
Arkadi Kuhlmann, an entrepreneur and a category disruptor by nature, joins Renren as an investor in Sindeo. Before his current role as Founder and CEO of ZenBanx, Kuhlmann was Founder and CEO of ING Direct, the largest direct bank in the United States. Kuhlmann has built a career on transforming financial services through new business models, and Sindeo is no exception.
“I am pleased to support Nick and his team’s mission to empower consumers with the right information and technology to make financing a home as transparent and easy as possible,” said Kuhlmann. “Sindeo is raising the bar for mortgage lending, giving consumers a new level of choice and service, and this funding will speed up the expansion of its mortgage model to markets outside of California.”
Liu joins Kuhlmann on Sindeo’s Board of Directors and both work in conjunction with the executive team to expand Sindeo’s imprint on the mortgage industry.
“As the investors leading our Series A, Kuhlmann and Renren represent an important endorsement of our business model and our mission to provide consumers with a new and simple way to get a mortgage,” said Sindeo’s Founder and CEO, Nick Stamos. “We’re dedicated to maintaining our growth and transforming the mortgage industry by harnessing impressive technology and providing consumers peace of mind when financing their home.”
Since the company’s founding in 2013, Sindeo has grown its San Francisco operations to more than 40 employees. Stamos, along with Co-Founder Ori Zohar, started the company to revolutionize the way people plan, shop and secure a mortgage. The company can close loans in as few as 15 days with consumers able to save more than $20,000 over the life of their loan.
About Sindeo
Sindeo’s modern mortgage marketplace provides borrowers with expert, unbiased advice and helps them find the Right Loan at the Right Time. Charting a new path for the mortgage industry, Sindeo uses technology to streamline the mortgage process, connect people with the right lenders and provide unparalleled guidance from its full-service, local mortgage advisors. Sindeo is headquartered in San Francisco and privately held. For more information, visit sindeo.com.
