Startup Morty launches digital mortgage platform for first-time homebuyers

by Candyd Mendoza12 Aug 2019

Mortgage tech startup Morty has unveiled its new online platform for first-time homebuyers.

The platform is designed to enable prospective buyers to bid for a home, secure a loan, and close the deal. Morty’s platform also lets them transact online and shorten closing times to as little as two weeks.

"With real-time verification of a consumer's financial information, a mortgage contingent offer powered by Morty can rival the speed and certainty of an all-cash offer," said Adam Rothblatt, chief technology officer and co-founder of Morty. "Everything is completely transparent to the buyer, the seller, and their real estate agents."

The launch followed Morty’s announcement of a Series A funding of $8.5 million to back its platform expansion. Prudence Holdings led the financing round, with participation from Thrive Capital and Lerer Hippeau.

"The mortgage industry has yet to evolve to benefit homebuyers," Prudence Holdings General Partner Gavin Myers said. "Morty's platform lets homebuyers know upfront what they're eligible for with actual pricing and terms, then close their mortgage all in one place. As larger purchases move online, home purchasers need a platform like Morty in the same way that air travelers need a platform like Kayak.”