Tomo Mortgage, a Stamford, Connecticut-based digital lender, has closed its $20 million Series B financing round, bringing its total investment to date to $130 million.
According to the company, new investor Progressive Insurance was joined by existing investors Ribbit Capital, NFX, and DST Global Partners in the latest round. Tomo said will use the latest funding to expand its workforce and product offerings while readying to move its headquarters to New York City.
“Outdated business practices, excessive fees, and over-inflated interest rates cost U.S. homebuyers billions of dollars every year,” said Tomo CEO Greg Schwartz. “Tomo is on a mission to change that. We use AI to deliver low rates without the gotchas. No mystery fees. No missed closing dates. No ‘rate-keeping,’ where you have to talk to a salesperson before getting a price. People love our honest, upfront pricing and seamless customer experience. We’re thrilled our investors recognize our unique vision and value.”
