Today, I’m proud to announce Morty’s Series B financing, which we’ll use to fuel our growth and further our mission of democratizing access to home financing solutions for home buyers across the country.
Over the past five years, we’ve been fortunate to work with some of the best early stage investors in the business. Their continued participation in this round reflects our shared vision and commitment to truly revolutionizing the way homes are financed. Thank you to Thrive Capital, Prudence Holdings, Lerer Hippeau, MetaProp and FJ Labs.
Change is overdue
Change in the mortgage industry is long overdue—25 years overdue. Homebuyers deserve better. Everyone involved in a home purchase, from realtors and appraisers, to lenders and homeowners insurance agents, deserves better. If you’ve bought a home through the traditional mortgage process, I don’t have to explain to you how complicated, confusing, time-consuming and unnecessarily offline the experience is.
Morty is mission driven
Morty’s mission is personal to me. I’m an engineer motivated to use technology to make a sustained positive impact in the world. I started my career in the nonprofit sector, intending to foster change through community-based work. Early on, I realized that becoming an engineer would allow me to help the greatest number of people.
My long-held interest in the intersection of technology and social impact was top of mind when we founded Morty. Five years ago, when my co-founders and I saw what was broken in the mortgage industry, we knew that a marketplace that democratized access to home financing solutions was key to addressing the problem, so that’s what we built. I believed then, as I do today, that technology can provide greater choice, access, lower costs and ensure a better customer experience for homebuyers.
Marketplace + digitized, automated experience
I’m so proud of our team and what we’ve already built. By introducing a marketplace, and a platform that digitizes and automates the mortgage process from pre-approval to close, we’ve been able to dramatically reduce the cost to produce a mortgage. The result? Savings we can pass on to homebuyers, and more loans originated for our lender partners.
better best business model for homebuyers
I’m asked all the time if we’re going to become a direct lender, and I always go back to the value we provide homebuyers and lenders as a marketplace. The Morty marketplace provides access to the universe of loan products, is inherently price competitive and robust—and, most importantly, is lender agnostic. That means our incentives are always aligned with the homebuyer, and we can focus on making sure they get the best price and experience, regardless of lender. At Morty, we believe the marketplace model is simply the better model for consumers, lenders, and anyone involved in the financing transaction. Choice is power, and we want to give that power to the consumer.
Morty is the homebuyer’s advocate
But we have much more to build to live up to our core brand value: to be the homebuyer’s advocate. Today, Morty offers conventional purchase loans. We started our product roadmap there with great intention, knowing that purchase loans are harder to complete but represented the biggest opportunity to penetrate the market and address homebuyer’s biggest pain points. Our Series B funding will allow us to ramp up our engineering efforts to support different types of loans and expand our product coverage in other meaningful ways. We want to be the home financing solution for someone’s entire life, the place where a homebuyer or homeowner goes for all of their financing needs. And we’re well on our way.
If this mission sounds interesting to you, consider joining our team. There is a huge opportunity to create a more connected home financing ecosystem that creates better access, and experiences, for everyone involved.
Co-Founder & CEO, Morty