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LoanSnap Inc., a San Francisco-based direct lender startup that promotes itself as offering “the world's first smart loan technology that protects people against dumb loans,” has opened for business.
According to the company, LoanSnap can instantly analyze a person's financial situation using artificial intelligence technology. The company then claims it can sort through “through thousands of loan options to identify the best choice.” LoanSnap also insists that it is offering the “first loan technology that accounts for important factors, including the U.S. financial environment, to ensure that people have the best available loan now and into the future.”
LoanSnap has raised $12.3 million in investors, including high-profile entities such as Sir Richard Branson's Virgin Group and Joe Montana's Liquid 2 Ventures. The company is co-founded by serial entrepreneurs Karl Jacob and Allan Carroll, both with histories of launching companies that are acquired by larger corporations. In 2014, Branson's Virgin Money entered the wholesale mortgage business.
