Digital lending platform Roostify has completed a $25 million Series B funding round, with new investments from Santander InnoVentures, Cota Capital and Point72 Ventures.

The new funds will be used to fuel the company’s expansion plans, including a greater presence in the enterprise space, product enhancements, and expansion into new markets.

Roostify’s cloud-based solution enables lenders to offer clients a seamless experience from search to closing their home loan. The API-enabled platform is currently used by lender across the US to accelerate the origination process, as well as reduce costs.

Rajesh Bhat, co-founder and CEO of Roostify, commented: “Four years ago, Roostify was a pioneer in moving the consumer home lending experience online. We sought to deliver an offering that we would experience ourselves for our own home purchases.

“Since then, a digital strategy has evolved from an ambition to a business imperative for our customers. Lenders now realise the value of providing consumers with a transparent, mobile, and seamless experience to obtain a loan without needless stress-inducing delays and red tape. We have developed a solution that allows lenders of all sizes to give their teams a tool to digitally engage with clients and to bring the loan origination experience to the consumer.”

Bobby Yazdani, managing partner at Cota Capital, added: “We were immensely impressed with what Roostify has accomplished in the last four years. Roostify has evolved not only their own offering and product focus, but the market as a whole, helping the lending industry transform itself for the digital age. We’re pleased to be a part of that transformation, and look forward to seeing Roostify and the industry continue to move forward.”

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