Mortgage fintech Perch closes $4M Series A to accelerate growth
Perch, a Toronto-based mortgage fintech, have raised 4 million dollars in Series A funding from investors including Second Century Ventures, the strategic venture arm of the National Association of REALTORS®.
TORONTO, 18 October 2022 /CNW/ – Perch, a Toronto-based fintech that helps buyers and homeowners make data-driven mortgage and real estate decisions, today announced the completion of a 4 million dollars Series A financing round. Investors include Second Century Ventures, the strategic venture arm of the National Association of REALTORS®; Ontario Center of Innovation; and BEST Funds, an alternative asset firm that invests in technology companies in the financial, healthcare, media and security sectors. With a mortgage financing rate that is 6x more efficient than the industry average, and a 215% client referral rate, Perch will use the investment to continue to scale and expand its operations team.
“Abor is on a mission to simplify home ownership. We are activating for the first time home buyers to enter the market faster and help home owners to build wealth efficiently by leveraging home equity,” said Alex Leduc, founder and CEO of Perch. “With over 100 million dollars in funded mortgages to date and thousands of users who have already joined Perch, this is clear evidence that we are on the right track. As we continue to grow, our employees, investors and partners are key to our success.”
“Housing affordability and rising prices have been a major barrier to home ownership for Canadians and our real estate agents,” said Tyler Thompson, managing partner of Second Century Ventures. “We believe in Perch’s ability to continue to improve the existing process and product to ultimately create more solutions for borrowers and real estate agents which we know is necessary in today’s market.”
“Innovation in the mortgage industry is long overdue,” said John Richardson, CEO of BEST Funds. “By automating the mortgage brokerage process, Perch is well positioned to add efficiency and greater transparency for borrowers looking to find the right mortgage.”
Perch was started in 2018 by the CEO Alex Leduc, who previously worked with corporate finance and analytics for several listed credit companies. Perch gives Canadians access to insights about their financial data, to enable them to make informed decisions about when they are ready to buy.
Here’s how Perch simplifies home ownership:
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Skip the sales pitch. Compare thousands of mortgages from 30+ lenders online in a few clicks.
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Get pre-approved in as little as 20 minutes. It’s easy to apply, with chat and phone support available 7 days a week and mortgage approval in under 48 hours.
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Automated property insight. Homeowners can view monthly property value estimates and switch mortgage savings options directly from their Perch account.
With year-over-year user growth of 130%, Perch previously announced it is 1 million dollars seeds round in October 2021. Perch currently operates in all provinces and territories across the board Canada.
About perch:
Through its analytics platform, Perch allows Canadians to make data-driven mortgage and real estate decisions to build wealth. Along with the dedicated support of a team of real estate and mortgage professionals, users can easily collaborate and take control of their home ownership journey. For more information, visit https://myperch.io/. To shop and compare mortgages, visit https://myperch.io/tools/pathfinder/.
About Second Century Ventures:
Second Century Ventures (SCV), the strategic investment arm of the National Association of REALTORS®, is the most active global real estate technology fund. SCV helps scale its portfolio companies across the world’s largest industries, including real estate, financial services, banking, home services and insurance, and runs the award-winning global REACH technology scale-up program in the US, Australia, Canadaand Great Britain. For more information, visit http://www.scv.vc.
About BEST Funds:
Founded by John Richardson in 1996, BEST Funds gave growing technology companies the capital they needed to accelerate their growth. They have a flexible approach to finding ways to partner with leading technology companies. For more information, visit http://bestfunds.ca/.
SOURCE Perch
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