The fintech venture capital fund of Santander Group Santander InnoVentures is to invest in San Francisco-based digital lending platform provider Roostify.
Founded in 2014, Roostify – focusing on bringing the process of obtaining a mortgage into the digital age, eliminating paper, improving speed and reducing costs – has now closed a $25m Series B financing round joined by Santander InnoVentures, Cota Capital and Point72 Ventures.
The aim of this new funding is to help the company achieve its objectives, which include an expanded enterprise offering, product improvements and expansion into new markets.
Manuel Silva, head of Investments at Santander InnoVentures, said: “We have been very impressed with Roostify’s vision of putting the client first, and developing technologies that support such experiences. We are excited about Roostify’s growth prospects, in particular as they think about new markets beyond the US.”
Rajesh Bhat, CEO and co-founder at Roostify, added: “We were drawn to Santander InnoVentures by their strong culture of innovation, and our shared vision of excellence for the consumer experience. We couldn’t ask for a better partner as we explore bringing consumer-first online lending innovation to the European market.”
InnoVentures is Santander’s $200m corporate venture capital fund, tasked to find, qualify and invest in fintech businesses that can create strategic ties with the group while helping it on innovation, either to achieve operational excellence or serve customers better.
The fund, which has made 19 investments in the four years since inception, invests in companies globally that innovate across the fintech value chain, in areas including artificial intelligence, payments, credit, banking-as-a-service and financial inclusion, among others.