BOULDER, Colo.--(BUSINESS WIRE)--Neat Capital, a Colorado-based FinTech company, announced today that it has closed a Series B-1 round with Forecast Labs, a New York City-based venture group that’s a division of Comcast. Previously, Neat Capital has raised more than $40 million in funding, with a Series B round announced in early 2021. Forecast Labs, a consumer-focused venture group, has worked with a variety of FinTech companies that include Acorns, Hippo, and Public.com. The amount of additional funding was not immediately announced.
Forecast Labs will leverage its unique venture model to accelerate Neat Capital’s consumer home lending business, Neat Loans. Neat Loans is well positioned to fill a gap in today’s aggressive real estate market by enabling clients to compete with cash buyers with its fully underwritten Platinum Approval and by backing $50,000 of a homebuyer’s earnest money. Additionally, Neat Loans’s proprietary home financing platform dramatically speeds up a cumbersome process and makes for a more seamless experience for today’s homebuyers, especially those who have complex financial situations. With Neat Loans, clients can close in as few as two weeks, which makes a massive difference to homebuyers.
“The traditional mortgage pre-approval is dead, and it’s time to bury it,” said Luke Johnson, Co-Founder and CEO at Neat Capital. “Over the past year, we’ve witnessed the housing market go off the rails, leaving many perfectly qualified people to miss out on their dream homes because they had to compete in wildly aggressive real estate markets. At Neat Loans, we have built a uniquely better system to cater to homebuyers who need to close on their homes faster, access competitive rates, and win against competing offers without overbidding.”
The timing of this investment aligns well with the spring and summer homebuying season, a period known in the mortgage industry to be especially busy and fiercely competitive. As housing inventory remains constrained, the hope is that a broader set of prospective homeowners will learn about how to access modernized and transparent home financing support as they prepare their bidding strategy.
“We love working with innovative consumer businesses that are actively reimagining outdated processes and improving people’s lives,” said Arjun Kapur, Managing Director at Forecast Labs. “Neat’s technology significantly advances the homebuying process for the next generation. This is a major sector of the economy that has long required enhancement, revision, and a fresh set of eyes. We’re excited to bring Neat’s personalized solutions to additional Americans this year and ahead.”
Neat Capital Inc. is a financial services technology company that, through its subsidiary Neat Loans, offers clients residential home financing with unparalleled speed, certainty, and clarity. Neat is reinventing the industry with the only tech in the market today that brings borrowers all the way through the home loan process in one session. Neat’s vision is to make financing a home as frictionless as using cash. For more information, visit NeatLoans.com.
