Tomo Mortgage develops a continuous automation platform designed to make the lending process faster and cheaper. Led by CEO Greg Schwartz, the company focuses on digital mortgage products and process automation. In 2024 Tomo achieved 3.5x growth and is positioning itself to be one of the largest mortgage companies in the U.S. It now operates in 31 states, including D.C., and is rapidly hiring loan officers and other mortgage professionals for Detroit, Seattle and New York offices. The company is shifting its headquarters from Stamford, CT to New York City and intends to use the new funding to expand its team and product offerings. To date Tomo has raised $130M in total investment. Tomo positions itself as a "PayPal for the mortgage industry," offering underwritten pre-approvals and verified pre-approvals that avoid a hard credit inquiry and can be completed in about three hours. The company uses data and software to accelerate the purchase process and help buyers compete in competitive bidding markets. Tomo covers nearly a third of the U.S. market and recently expanded into Michigan and Ohio. It focuses exclusively on purchase mortgages and does not offer refinance products. Founded in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong, Tomo has about 150 employees across offices in Seattle, Austin, and Stamford, Conn. The startup faces competition from traditional mortgage providers and other tech companies digitizing real estate processes. Tomo is building a consumer-focused digital mortgage platform that aims to simplify and speed up the home‑buying mortgage process. The company says it will issue fully underwritten pre-approvals “within hours, not days,” guarantee on-time closings, and use data to get buyers to closing in as little as 21 days versus an industry average of 47 days. Tomo is strictly focused on purchase mortgages for buyers and will not offer refinancing products. It launched operations concurrently with its funding announcement in Seattle, Dallas and Houston. The founders leverage prior experience at Zillow—Schwartz led sales and revenue operations and Armstrong led buyer services strategy and operations. Tomo announced a large $70M seed financing as it begins operations. Tomo Networks is a Stamford, Conn.-based digital mortgage and transaction company that aims to improve the homebuying experience. Founded in October 2020 by Greg Schwartz and Carey Armstrong, the fintech combines a human-driven, technology-enabled approach to mortgage and transaction processes. The company focuses on streamlining the homebuying process through digital tools paired with human support. Tomo raised $40M in seed funding to expand operations and its business reach. The startup intends to use the funds to scale operations and broaden its market presence.

Total raised

$170M

Funding rounds

4

Latest round

Series B

Latest activity

Mar 2025