Santander InnoVentures, the fin-tech venture capital fund of Santander Group, today announced an investment in San Francisco-based startup Roostify, a company digitizing the process of obtaining a mortgage, including via smartphone. Santander was one participant in the USD $25 million Series B round.
Founded in 2014, Roostify built their enterprise platform with the aim of improving speed, eliminating paper, simplifying the process and reducing costs.
“We have been very impressed with Roostify’s vision of putting the client first, and developing technologies that support such experiences,” Santander InnoVentures head of investments Manuel Silva said. “We are excited about Roostify’s growth prospects, in particular as they think about new markets beyond the US. Following our ‘invest and partner’ model, we are excited to bring their solutions to Santander Group’s customers in the future.”
“We were drawn to Santander Innoventures by their strong culture of innovation, and our shared vision of excellence for the consumer experience,” Roostify co-founder and CEO Rajesh Bhat said. “We couldn’t ask for a better partner as we explore bringing consumer-first online lending innovation to the European market.”