LoanSnap develops a smart loan platform powered by AI that analyzes a person’s finances, highlights where they are losing money, and sorts through thousands of options to make loan recommendations in seconds. The company also uses proprietary technology and automation to handle much of the loan process instead of relying on manual workflows. Led by CEO and co‑founder Karl Jacob, LoanSnap plans to use its new funding to expand into additional loan types and scale across the United States. The company announced a $30M Series B round and has added Olivia Man as CFO; Man brings more than 14 years of experience in financial services and previously led financial planning and analysis and capital markets work at SoFi. No operating metrics (revenue/users) were disclosed in the article. LoanSnap, based in San Francisco, offers a smart-loan platform that uses artificial intelligence to analyze a consumer's full financial picture and recommend loan options in seconds. Its technology automates much of the loan process, enabling loan closings in 15 days or less. LoanSnap reports it has saved borrowers nearly $60 million overall and that California customers save on average almost $900 per month. Users provide only a few data points and the system sorts through thousands of options and provides ongoing updates as financial situations evolve. The company emphasizes improving consumers' financial health and delivering faster, simpler refinancing and purchase experiences. LoanSnap has raised venture capital from a range of investors, supporting its expansion and product development. LoanSnap builds the world's first smart loan technology that uses artificial intelligence to analyze a consumer's finances and sort through thousands of loan and debt-reduction options in seconds. The product presents simple, plain-English recommendations (for example, “Save $1,200 a month”) and can update options as personal and economic factors change. By automating much of the loan process, LoanSnap reports it can close loans in 15 days or less. Since launch in 2018, the company says it has paid off $12 million in high-interest consumer debt and saved customers $8 million in future debt payments. LoanSnap offers web and mobile experiences (iOS and Android) and aims to scale its automated loan technology to improve Americans' financial outcomes. LoanSnap, based in San Francisco, builds AI-powered smart loans that analyze a consumer’s financial situation instantly and recommend the best options for their needs. Led by CEO and co-founder Karl Jacob, the product helps homebuyers find optimal mortgage, refinance and home equity solutions while helping consumers manage overall debt. Since its launch in July 2018, LoanSnap expanded its offerings to include VA Smart Loans serving active-duty and veteran service personnel. The company also launched Operation Home Foundation, a charitable arm funded by proceeds from VA Smart Loans and voluntary contributions to support U.S. military families transitioning to civilian life. Financially, the company had raised a total of $17M after an additional $4.7M funding infusion. LoanSnap intends to use the capital to expand its product offering and explore additional opportunities in collaboration with lead investor Thomvest Ventures. LoanSnap develops AI-driven technology that analyzes a person’s financial situation in seconds and sorts through thousands of loan options to identify the best personal loans. The company offers iOS and Android apps where users scan a driver’s license or enter their address and the last four digits of their Social Security number to receive smart loan options. Users can also access options via the company website or by consulting a loan officer by phone. The platform emails a smart loan summary to all users whether or not they choose LoanSnap. LoanSnap is led by CEO Karl Jacob and CTO Allan Carroll and is based in San Francisco, CA. The company has raised $12.3M to date.

Total raised

$58M

Funding rounds

5

Latest round

Series B

Latest activity

May 2021