LoanSnap, a San Francisco, CA-based developer of technology that protects people against dumb loans, raised $8m in Series A financing.
The round was led by True Ventures with participation from Baseline Ventures, Richard Branson’s Virgin Group, Core Innovation Partners, Joe Montana’s Liquid 2 Ventures, OVO Fund, Transmedia Ventures, and angel investors. The company has raised $12.3m to date.
Led by Karl Jacob, CEO, and Allan Carroll, CTO LoanSnap uses artificial intelligence to analyze a person’s financial situation in seconds, then sorting through thousands of loan options to identify the best choice.
With its iOS and Android apps, users scan their driver’s license or enter their address, then enter the last four digits of their social security number, tap through a few questions, and get their personal smart loan options. People may also use the company’s website or consult with a loan officer by phone to get their options. Finally, the platform emails a smart loan summary to all users whether or not they choose LoanSnap.
In addition to this, smart loans keep updating the financial information and alert the customers if there are better options based on their financial situation.