US fintech start-up Multiply Mortgage raises $23.5m in Series A funding
Multiply Mortgage, a US-based fintech offering mortgage services through employee benefit programmes, has raised $23.5 million in a Series A funding round led by Californian VC Kleiner Perkins.
Multiply Mortgage has now raised $27m to date
Building on a $3.5 million seed round closed in 2022, the raise brings Multiply’s total funding to $27 million, with this latest investment being supported by A*, Box Group, Mischief and Workshop Venture Partners.
In conjunction with the Series A announcement, Multiply also confirms that its services are now available to employers across 45 US states, as well as the District of Columbia.
These services enable employees to access discounted mortgage rates of up to 0.75% alongside personalised purchasing guidance, available through Multiply’s AI-native mortgage origination platform.
“Homeownership has become increasingly out of reach for many Americans, and we don’t expect interest rates to fall to the levels we saw in 2020 ever again,” comments Multiply co-founder and CEO Michael White.
White initially founded the Denver-based start-up with A* general partner Gautam Gupta in 2022, to help employees of private tech companies access equity compensation.
However, amid rising employer benefits costs, particularly those relating to healthcare, the pair shifted their focus in July last year to devise a proposition that they claim “enhances financial wellness, strengthens retention, and attracts talent”.
“Our mission is to help employees – whether frontline workers or corporate staff – access lower mortgage rates and expert guidance, at zero cost to their employer,” White continues.
