Mortgage marketplace Morty mints $3m from Thrive Capital

Automated mortgage marketplace Morty has raised $3m in a Seed round led by Thrive Capital.

SV Angel, FJ Labs, Corigin Ventures, MetaProp, Techstars and angel investors also participated.

The New York-based startup is launching with 10 major lenders signed up across 10 US markets and aims to help homeowners make better decisions through its automated marketplace.

Morty CEO and co-founder Brian Faux explained: “Consumers today can effortlessly shop, compare and purchase nearly everything online–not their mortgage.

“Even with today’s technology, the mortgage industry still has it all wrong. The last thing anyone wants to do is talk to a sales person or pay inflated fees.

“Morty strives to do for mortgages what Kayak and Expedia did for the travel industry –one simple, transparent process giving you access to the best options and empowering you to make smart decisions”

The company was founded in 2015 and aims to be nationwide in the US by the end of the year.

Thrive Capital has placed an emphasis on FinTech this year having led German savings marketplace Raisin’s €30m Seires C and UK challenger bank Monzo’s £19.5m round.

It also participated in investment app Robinhood’s recent $110m round, which values the startup at $1.3bn.

The New York firm’s Kareem Zaki said: “Despite the proliferation of new marketplace businesses, the mortgage industry has yet to evolve.

“Morty offers a differentiated approach by providing optionality and a modern experience to the consumer while leveraging the balance sheets and capital efficiencies of banks and other lender partners.”

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