November 01, 2022
Happy Tuesday, fintech friends!
Situational awareness: A reminder that we will be hosting an exclusive, live conversation for Pro readers with eToro U.S. CEO Lule Demmissie @ 1pm ET Thursday. RSVP here.
1 big thing: Proptech investors back Haven
Haven, a mortgage servicing software company, has raised $8 million in Series A funding from Fifth Wall and a number of other real estate and proptech investors, the company tells Ryan exclusively.
Why it matters: As mortgage origination and refinancing slow down, mortgage servicers need to find new ways to engage with customers and create new revenue streams.
What it does: Haven makes software that enables mortgage servicers to engage with borrowers beyond just the collection and remittance of payments.
- It gives servicers a platform to help homeowners assess their income, assets, credit and debt.
- From there, mortgage services can cross-sell additional products like insurance, solar upgrades and home equity lines of credit (HELOCs).
- Haven says it has integrations with six of the top 50 services in the U.S., and more than 800,000 homeowners live on its platform.
What they're saying: “Rates are incredibly high, the equity folks have in their home is incredibly high, and foreclosures are still low,” Haven founder and CEO Jonathan Chao says. “No one's refinancing and no one's moving, and the main focus has been to unlock the hidden potential of the existing servicing portfolio.”
Of note: Fidelity National Financial, RWT Horizons, 1Sharpe Ventures, Conversion Capital, BoxGroup, AME Cloud Ventures, and Operator Partners also participated in the financing.
- The round brings Haven's total funding since being founded to $13.5 million.