MIAMI, Jan. 27, 2021 /PRNewswire/ -- Milo, the digital banking and lending startup serving global consumers, announced a $6 million Seed financing round led by fintech specialist QED Investors with participation from MetaProp and 10X Capital. The capital will support continued technological innovation and team growth.
"Our mission is to reimagine how global consumers access financial solutions in the US – in a way that actually caters to them. Today, that means delivering a simple, fully digital home lending approach while offering a deep understanding of US investing," said Milo founder and CEO, Josip Rupena. "This funding is helping us move closer to fulfilling our mission for millions of global consumers. We're thrilled to have QED and so many great investors on this journey with us."
Milo has processed more than $100 million in loan requests, doubled its team and launched two offices in Miami and Colombia since finalizing funding in summer 2020. Last year, Milo became the first company to do a fully remote digital closing for an international consumer. Milo's proprietary technology bridges the gap to deliver a fully online way to qualify, underwrite, and close a loan from anywhere in the world with very attractive US interest rates.
"Global consumers' financial needs are constantly evolving, creating a demand for unique and flexible solutions that support them in reaching their goals and achieving financial wellness," said Matt Burton of QED Investors. "We're excited that Milo is at the center of this transformation and that QED can play a supporting role."
Zak Schwarzman, General Partner at MetaProp, said: "By placing technology, data and process automation at its core, Milo is able to serve global buyers of U.S. real estate and maintain high compliance standards far more easily than traditional mortgage lenders. The result is greater access to credit, better rates, and far superior customer experience for the millions of prospective homebuyers in this segment."
Milo was founded in late 2018 by investing and financing expert Josip Rupena, who identified a market need while working as a financial advisor at Morgan Stanley, serving both institutions and international clients. "A private wealth client with a 7-figure net worth was hoping to secure a US home loan. Because of traditional banks' domestically focused processes, this financially sound individual couldn't secure a loan – and he's not alone," said Rupena.
Only 30 percent of international consumers are ultimately able to secure US home loans. If they do get approved, they often suffer from high-interest rates or a cumbersome customer experience. Milo has identified financial needs across this segment and envisions providing global consumers with additional financial solutions and banking services. "There are millions of qualified consumers globally," said Rupena. "They hold dreams of one day investing in the US market, which offers a sense of stability that cannot be accessed in many other countries. We at Milo are here to help them achieve that dream."
Milo is a financial technology company reimagining the way global consumers access financial solutions and Unlock What's Possible in a borderless world. By building a proprietary technology stack from the ground up and bringing on a world-class team, the company has enabled foreign nationals to access millions of dollars in US home loans through quickly qualifying, underwriting and closing loans – no bank visit required. Milo is passionate about driving digital transformation of financial services, solving real problems, and making a meaningful impact in people's lives. For more information visit www.milocredit.com or email [email protected].
QED Investors is a leading boutique venture capital firm based in Alexandria, VA. QED Investors is focused on investing in early-stage, disruptive financial services companies in North America, South America, and the United Kingdom. QED is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners' decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include Credit Karma, ClearScore, Nubank, SoFi, Avant, Remitly, Flywire, GreenSky, Klarna, QuintoAndar, Konfio, Creditas, and Mission Lane.
MetaProp is a New York-based venture capital firm focused on the real estate technology ("PropTech") industry. Founded in 2015, MetaProp's investment team has invested in 125+ technology companies across the real estate value chain. The firm manages multiple funds for both financial and strategic real estate investors that represent a pilot- and test-ready sandbox of 15+ billion square feet across every real estate asset type and global market. The firm's investment activities are complemented by pioneering community leadership including the PropTech Place innovation hub, MetaProp Accelerator at Columbia University programs, global events NYC Real Estate Tech Week and MIPIM PropTech NYC, and publications Global PropTech Confidence Index and PropTech 101.
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