NEW YORK, July 14, 2021 /PRNewswire/ -- Morty, the online mortgage marketplace, today announced that it has closed its $25 million Series B financing round, bringing its total investment to date to $38.4 million. March Capital led the round, with participation from Rethink Impact and existing investors Thrive Capital, Lerer Hippeau, Prudence Holdings, FJ Labs and Metaprop.
Founded in 2016, Morty is an online mortgage marketplace that provides homebuyers a place to evaluate competitive offers from multiple lenders, then lock and close their loans through an automated platform. Led by the product and engineering-focused founding team of CEO Nora Apsel and CTO Adam Rothblatt, Morty has digitized the difficult, time-consuming and offline process of getting a mortgage into a tech-first experience that guides homebuyers through the process.
As a technology and logistics company, Morty has also reimagined the role people play in lending. Morty's platform provides homebuyers with an efficient self-service experience suitable for today's fast-moving pandemic housing market, with on-demand support from its team of mortgage experts. In the past twelve months, Morty's marketplace has processed more than half a billion dollars in loans and saw revenue grow 800% year-over-year. The company is currently licensed in 36 states and Washington, DC, and intends to serve homebuyers nationwide by the end of 2021.
Morty will use the funding to make important investments in hiring, consumer marketing and product expansion. The company will also explore B2B2C opportunities to embed mortgage technology into the greater real estate ecosystem.
"The past twelve months have been a transformative time for the housing market," said Nora Apsel, Cofounder and CEO of Morty. "As homebuyers rushed to make purchases, Morty was there to provide a personalized, interactive loan selection, lock in competitive rates, and stand shoulder-to-shoulder with them through to closing. Our business model, and our philosophy, are about advocating for homebuyers. This investment will allow us to develop our product and pursue partnerships that align with that worldview."
"Through its digitally native mortgage marketplace, Morty is revolutionizing the home buying experience by tackling the often tedious and overwhelming process of buying a home," said Julia Klein of March Capital. "Morty's proprietary mortgage automation platform and partnerships with leading lenders offer homebuyers a streamlined experience and highly competitive rates. We have great confidence in this team and are excited to partner with them in facilitating home ownership, which will remain a cornerstone of the U.S. economy."
"We are thrilled to back a technologist of Nora's caliber as she and the Morty team bring much-needed innovation to an industry that has lagged in its adoption of tech," said Jenny Abramson, Founder and Managing Partner at Rethink Impact, the largest US-based venture capital fund investing in female leaders using tech for positive impact. "In doing so, Morty is not only building a highly scalable business, but the company is helping borrowers save money and avoid the headaches and distrust that are hallmark traits of the mortgage experience for far too many."
About Morty
Morty is the homebuyer's advocate. Through product and people, we reimagine the way to get a mortgage. Morty's online marketplace allows you to evaluate competitive mortgage offers from multiple lenders and then guides you through the entire process, from locking in your loan all the way to closing. Our team of mortgage experts stands in the wings, ready to help every step of the way, or to give you some space. Morty is based in New York City and supports homebuyers with their purchases in 36 states and Washington, DC. To learn more or to check out your loan options, visit www.morty.com.
About March Capital
March Capital is a top-tier venture growth firm headquartered in Santa Monica, California and investing globally since 2014. March identifies entrepreneurs with a provocative vision to lead the future and later-stage companies poised for hyper-growth, then dares to go all in by leading rounds with deep conviction and concentration risk. With $1B+ in capital over 4 funds and across 30 market-leading technology companies, March accelerates the digital transformation of Cloud-based software, automation, AI & IT infrastructure. Our vision is to create a best-in-class technology investment platform by combining intense sector focus, patience, access to a global leadership network (including founding The Montgomery Summit), and high-impact portfolio engagement to inspire & to accelerate extraordinary companies.
For more information on how March Capital is committed to partnering with exceptional entrepreneurs and teams to build great global technology companies, please visit www.marchcp.com
Contact:
Mission North
morty@missionnorth.com
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