Toronto-based digital mortgage startup Pine has secured C$27 million in seed and Series A financing. The round was led by Greylock, with participation from Inovia Capital, Intact Ventures, Global Founders Capital, Box Group, Ludlow Ventures and Thomvest. Pine currently operates in Ontario and is set to launch across Canada.
TORONTO, May 31, 2022 /CNW/ – Pine, a Canadian FinTech, has announced a $27 million CAD fundraise consisting of Seed + Series A, and is poised to reimagine the home ownership process for Canadians. The funding round is led by Greylock with participation from Inovia Capital, Intact Ventures, Global Founders Capital, Box Group, Ludlow Ventures, and Thomvest. With a digital-first approach to Canadian mortgages, Pine offers an alternative to Canadian homebuyers and those looking to refinance their home.
In Canada, 80% – 90% of homebuyers secure their mortgages from big banks, largely due to lack of available alternatives. Led by founders Justin Herlick and Jonathan Shih, Pine offers a new way for Canadians to get a mortgage. Justin’s experience at US digital mortgage pioneer Blend, combined with Jonathan’s extensive engineering background (Facebook, Shopagon, Instabase), gave the two the know-how to develop a digital-first mortgage experience. By eliminating unnecessary costs and lengthy processes that come with in-person applications, the company is able to offer lower rates and a more efficient process.
“The mortgage industry has been outdated for decades. Canadians are desperate for a solution that doesn’t have them relying on one of the big banks,” says Justin Herlick, CEO and Co-founder at Pine. “We are excited to be officially launching an entirely new home financing option for Canadians.”
Pine follows in the footsteps of other recent Canadian FinTech success stories, reinventing an outdated industry for a generation eager for better ways to manage their finances. Working with a direct-to-consumer model, Pine’s ‘apply anytime, anywhere’ model offers convenience and ease for homebuyers.
Here’s how Pine is reinventing home financing:
Apply in under 10 minutes. The quick and easy application process offers customers the flexibility to apply whenever it’s convenient for them.
Digital-first online applications. No longer are borrowers tied to constraints offered by traditional lenders, with Pine, consumers can do their entire mortgage application online.
Lowest-price-first rates. No negotiating, no hidden fees, and no closing costs. The lowest rate available is the first rate offered to consumers.
“Homebuyers across Canada, particularly in its largest cities, have been faced with multiple challenges for years when it comes to buying or refinancing a home,” says Seth Rosenberg, Investor at Greylock. “Pine not only makes the process easier, they’re also lowering barriers of entry for newcomers to the market, helping them realize their home-ownership dreams potentially years earlier than planned.”
Pine currently operates in Ontario and is set to quickly launch across Canada.
More about Pine
Pine is an innovative solution to helping millions of Canadians secure low-rate mortgages quickly and conveniently. Backed by $27 million in funding from investors like Greylock and Inovia Capital, the company is revolutionizing the Canadian mortgage industry on their quest for digital-first, lowest-rate mortgages.