February 19, 2015
Sindeo successfully closed their $5 million Series A funding round led by Renren, one of China’s most prominent social networks; renren literally means “everyone” in Chinese. In addition to the funding, cofounder and COO of Renren James Liu will be joining Sindeo’s Board of Directors to help keep their mortgage marketplace trending upwards.
This current bout of funding isn’t far behind a previous $1.5 million seed round, bringing the total amount raised by Sindeo to $6.5 million. Primarily, the funding be used to provide customers with the proper guidance, information, and tools to find the right mortgage lender while fueling their further expansion into the US markets.
“Sindeo is one of the most promising players in the financial technology space because it has amassed a highly-talented team to propel the growth and innovation of its cutting-edge mortgage marketplace,” says Liu.
Renren wasn’t the only investor to participate in this Series A however. Arkadi Kuhlmann, previous founder and CEO of ING Direct, brought not only funding but also a career steeped in transforming financial services through new business models.
“As the investors leading our Series A, Kuhlmann and Renren represent an important endorsement of our business model and our mission to provide consumers with a new and simple way to get a mortgage,” says Nick Stamos, founder and CEO of Sindeo.
Since 2013 Sindeo has successfully grown their San Francisco operations to more than 40 employees. To Stamos and his cofounder Ori Zohar, this funding is a crucial stepping stone on their journey to provide different ways to plan, shop, and secure mortgages on a larger scale.
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