LoanSnap, the world’s first smart loan technology, is now available to help consumers in Florida and Illinois save thousands of dollars a year on their mortgage and take control of their money. The expansion comes as part of LoanSnap’s commitment to bringing smart loans to more Americans, with offerings now available in multiple states, including California, Colorado, Florida and Illinois.

Digital mortgage startup LoanSnap has a goal of getting a mortgage to close in a week by the end of the year; the company already closed 5 loans in 8 days this past June; “We’re automating and creating efficiencies,” said Karl Jacob, CEO, and Founder of LoanSnap, to Forbes. “We’re reducing the mountain of data you have to supply.”

The startup uses AI and machine learning to analyze a person’s financial situation in seconds and then provide options to save money. […] (It) sorts through thousands of loans to find the best one based on the borrower’s situation.

Digital mortgages are becoming a more popular choice for consumers. However, the new startups do not fully understand the lending landscape, according to Karl Jacob, of LoanSnap as he explains to Digital Journal.

Applying for a mortgage, and closing one, can be a tedious process. Lenders must scan your credit reports and study your credit score. You’ll have to provide copies of such documents as your most recent pay stubs, bank statements and tax returns to verify your income.

Karl Jacob pitched his startup LoanSnap to Richard Branson during a kiteboarding trip and walked away with the billionaire’s backing for its $8 million Series A in 2018. Jacob was an early advisor to Facebook, and says his experience working in the early days of social networking reinforced his belief in taking bigger risks and bigger failures.

LoanSnap announced it has raised an additional $4.7 Million investment led by Thomvest Ventures and existing investors, bringing the company’s total financing to $17 Million.

Loansnap’s CEO Karl Jacob discussed with PYMNTS how Loansnap’s AI is transforming the mortgage industry.

LoanSnap, a San Francisco-based smart loan startup, raised $4.7 million in funding. Investors include Thomvest Ventures.

With its new round of funding, the mortgage fintech company will look to expand its geographic reach and reduce the mortgage closing process to a week in 2019.

LoanSnap today announced that it has raised an additional $4.7 million in a round led by Thomvest Ventures, along with existing investors, including Baseline Ventures, Branson’s Virgin Group, Core Innovation Partners, Montana’s Liquid 2 Ventures, OVO Fund, Transmedia Ventures, and angel investors. This brings its total capital raised to $17 million and will be used to expand its offerings and team in the months to come.

LoanSnap, a tech startup that claims it uses artificial intelligence to help borrowers obtain “smart loans” and boasts Richard Branson’s Virgin Group and Joe Montana’s Liquid 2 Ventures among its backers, announced Tuesday that it raised $4.7 million to expand its offerings.