New York based mortgage marketplace Morty has raised $3m in Series Seed funding led by Thrive Capital. Morty is on a mission to revolutionize the outdated mortgage industry by letting people shop, compare, and close on any mortgage from any lender, completely online.
Morty is seeking to provide its borrowers with more options and more transparency while shopping for a mortgage. It allows users to create a profile with their financial information, see what options might be available to them, and close on a mortgage all from the company’s website. By aggregating multiple mortgage lenders on its platform, Morty is providing borrowers with a wider range of choices than they’ll see on other platforms. The company is launching with 10 lenders that users can compare the rates of, in 10 markets around the country. To borrowers, Morty is a free tool that allows them to shop and compare, which usually means lower costs associated with the loans they end up choosing. It makes its money from lenders, who pay a fee upon the close of a loan.