Milo, the digital banking and lending startup serving global consumers, announced a $6 million Seed financing round led by fintech specialist QED Investors with participation from MetaProp and 10X Capital. The capital will support continued technological innovation and team growth.
“Our mission is to reimagine how global consumers access financial solutions in the US – in a way that actually caters to them. Today, that means delivering a simple, fully digital home lending approach while offering a deep understanding of US investing,” said Milo founder and CEO, Josip Rupena. “This funding is helping us move closer to fulfilling our mission for millions of global consumers. We’re thrilled to have QED and so many great investors on this journey with us.”
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Milo has processed more than $100 million in loan requests, doubled its team and launched two offices in Miami and Colombia since finalizing funding in summer 2020. Last year, Milo became the first company to do a fully remote digital closing for an international consumer. Milo’s proprietary technology bridges the gap to deliver a fully online way to qualify, underwrite, and close a loan from anywhere in the world with very attractive US interest rates.
“Global consumers’ financial needs are constantly evolving, creating a demand for unique and flexible solutions that support them in reaching their goals and achieving financial wellness,” said Matt Burton of QED Investors. “We’re excited that Milo is at the center of this transformation and that QED can play a supporting role.”
Zak Schwarzman, General Partner at MetaProp, said: “By placing technology, data and process automation at its core, Milo is able to serve global buyers of U.S. real estate and maintain high compliance standards far more easily than traditional mortgage lenders. The result is greater access to credit, better rates, and far superior customer experience for the millions of prospective homebuyers in this segment.”
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Milo was founded in late 2018 by investing and financing expert Josip Rupena, who identified a market need while working as a financial advisor at Morgan Stanley, serving both institutions and international clients. “A private wealth client with a 7-figure net worth was hoping to secure a US home loan. Because of traditional banks’ domestically focused processes, this financially sound individual couldn’t secure a loan – and he’s not alone,” said Rupena.
Only 30 percent of international consumers are ultimately able to secure US home loans. If they do get approved, they often suffer from high-interest rates or a cumbersome customer experience. Milo has identified financial needs across this segment and envisions providing global consumers with additional financial solutions and banking services. “There are millions of qualified consumers globally,” said Rupena. “They hold dreams of one day investing in the US market, which offers a sense of stability that cannot be accessed in many other countries. We at Milo are here to help them achieve that dream.”
