Insurer’s VC Arm Sees Synergy with the Rapidly Growing Fintech
LoanSnap, the company that helps consumers own their financial future and creator of the world’s first smart loan technology, announced today it has raised an additional $5 million strategic investment led by Avanta Ventures, the venture capital arm of CSAA Insurance Group, a AAA insurer, rounding out the total Series A extension investment to $15 million.
Read More: Ping An says ESG Adoption in China Presents Opportunities for Technology Companies
LoanSnap’s mission to improve the finances of every consumer is a vision shared by its new investors. Avanta Ventures’ goal is to invest in disruptive technologies and a new breed of services that optimize and expand value offered to AAA Members.
Both CSAA Insurance Group and LoanSnap built their businesses on helping their customers with some of the most complex financial decisions of their lives.
“At Avanta Ventures, we’re committed to transforming how people manage their financial risks and providing new solutions to life’s uncertainties. LoanSnap’s mission to help people better understand their full financial health aligns with that commitment,” said Sanjiv Parikh, managing partner of Avanta Ventures.
Since rolling out this one-of-a-kind technology, LoanSnap has already saved borrowers nearly $60 million, and in California alone the company saves its customers an average of almost $900 a month. LoanSnap uses artificial intelligence to analyze a consumer’s finances, shows them where they are losing money and then sorts through thousands of options to make a recommendation in seconds. By automating much of the loan process, it is now possible to close loans in just 15 days or less, providing a service much easier on the customer and with peace of mind that they will lower their payments and get the cash they need quickly.
Read More: Stripe Will Acquire Paystack to Accelerate Online Commerce Across Africa
“Mortgage rates have hit record lows, and many Americans are jumping at the opportunity to refinance as well as buy a new home,” said Karl Jacob, CEO and co-founder of LoanSnap. “It’s critical, now more than ever, that borrowers evaluate their complete financial health before deciding on the best loan option. We are proud to be helping people achieve peace of mind and financial stability during these difficult times.”
LoanSnap analyzes a consumer’s financial health to show them where they are losing money and offers easy to understand options like ‘save $862 per month.’ Customers enter only a few pieces of information versus countless forms normally associated with other lenders. The technology even provides updates to customers as their financial situation evolves.
Read More: ABN AMRO wins Best Overall European Private Bank in WealthBriefing Awards 2020
