Israeli fintech company Lendai has announced the completion of a $35 million financing round in equity and debt seed funding. The round was led jointly by Meron Capital and Cardumen Capital, with participation from Discount Capital, Skywell Capital Partners, Mindset Ventures, and Viola Credit.
The Rishon Lezion-based cross border financing company enables foreign non-resident borrowers investing in the US residential market to access financing and competitive rates through digital solutions that create a simple, fast, and efficient online financing process. The streamlined process is made possible due to the company’s AI-driven Triple Digital Underwriting System that underwrites both the US properties and the foreign investor’s creditworthiness simultaneously. Lendai’s digital online process is done from the comfort of the investors’ homes in their countries through the Lendai platform.
Since its founding, Lendai has built a global network of hundreds of real estate service providers and agencies including real estate agents, property management companies, loan brokers, marketplaces, developers, lawyers, accountants, and other lenders. This network extends from Australia, Asia, through the Middle East, Europe, UK, to Canada and the US.
Lendai provides foreign investors with complete loan pricing transparency - exactly how much and at what rate - in just minutes and full loan closing in only a third of the time it takes US lenders, facilitating home purchases that require speed amidst a surging demand in the market. Moreover, the platform enables existing homeowners - foreign investors accounted for $1T in US residential property purchases over the past decade - to receive loans based on the current value of their properties and thus expand their investment property portfolio. These abilities mark the most comprehensive solution to enable foreign investors to expand beyond the limits of all-cash deals and allow them access to the world’s largest private debt market.
The equity and debt financing will allow Lendai to expand its services to more US states and launch new financing loan programs.
Lendai cofounder and CEO Yair Benyamini said, "This round is a monumental step forward in terms of accessible loans for foreign investors. We have a product and a significant stream of customers and revenue. With this funding, we’ll be able to continue scaling rapidly to meet demand. The best model for this business is one where everyone wins. With our platform, foreign investors can finally afford American properties, realtors and investment organizations open a new stream of revenue, and one of the most iconic financial instruments gets an upgrade for the digital age."
Published by Globes, Israel business news - en.globes.co.il - on March 9, 2022.
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