May 31, 2022
Fintech Pine aims for mortgage disruption with $27M funding
We have an affordable home ownership solution right in front of us: CAPREIT CEO
Canadian financial technology firm Pine has landed a $27-million fundraising round led by high-profile Silicon Valley financier Greylock Partners as it looks to expand its digital direct-to-consumer mortgage model.
The Series A and seed funding round comes as Pine looks to expand from its Ontario base and begin cross-country operations.
In a release, Greylock investor Seth Rosenberg said his firm was attracted to Pine as a potential disruptor in the mortgage market, long dominated by the big banks and brokers.
“Homebuyers across Canada, particularly in its largest cities, have been faced with multiple challenges for years when it comes to buying or refinancing a home,” he said.
Pine’s core business model is offering online, rapid home financing applications, and the company says it only offers the lowest rate available.
In an email to BNN Bloomberg, Pine Co-Founder Justin Herlick said his fintech firm has seen more than $400 million in mortgage applications since it soft-launched in January.
Greylock has been involved in financing rounds with a number of high-profile tech firms, including WealthSimple here in Canada, and early bets on the likes of Facebook Inc. – now Meta Platforms Inc. – and Airbnb Inc.