Insurer’s VC Arm Sees Synergy with the Rapidly Growing Fintech
SAN FRANCISCO, Oct. 21, 2020 (GLOBE NEWSWIRE) -- 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.
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.
“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.
For more information or to get started with LoanSnap today, visit www.goloansnap.com.
About LoanSnap, Inc.
LoanSnap invented the world's first smart loan technology that uses artificial intelligence to analyze a person's finances and shows simple ways to benefit from a smarter loan now and into the future. By working with LoanSnap, users can save money, time and feel confident that their smart loan will safeguard their financial needs. LoanSnap has raised a total of $31 million in venture capital from True Ventures, Thomvest Ventures, Richard Branson's Virgin Group, Baseline Ventures, Core Innovation Partners, Joe Montana's Liquid 2 Ventures, OVO Fund, Transmedia Ventures, and MANTIS, the venture capital firm founded by the Grammy Award winning pop duo, The Chainsmokers.
About Avanta Ventures
As the venture capital arm of CSAA Insurance Group, a AAA insurer, Avanta Ventures is committed to transforming how AAA Members manage their risks and providing new solutions to life’s uncertainties. Avanta Ventures invests deep industry expertise, financial support and other resources to create products and services that offer extraordinary value to the AAA Members of today—and those of tomorrow.