Multiply Mortgage Raises $23.5M to Revolutionize Employee Mortgage Benefits
Multiply Mortgage is revolutionizing the homeownership experience by integrating mortgage benefits into employment packages. Recently, the company announced the successful closure of a $23.5 million Series A funding round, spearheaded by Kleiner Perkins, with notable contributions from A*, Box Group, Mischief, and Workshop. This latest round brings Multiply Mortgage’s total funding to $27 million.
Transforming Mortgage Lending with AI
Founded in 2022, Multiply Mortgage is at the forefront of redefining the traditional mortgage lending landscape. The company has developed an AI-driven mortgage origination platform, complemented by expert mortgage advisors. This innovative approach allows homebuyers to benefit from:
- Competitive mortgage rates
- Personalized service from knowledgeable advisors
This combination streamlines the home buying process, ensuring that customers no longer need to make a choice between favorable rates and personalized support.
New Initiatives to Enhance Employee Benefits
The newly acquired funds will be used to launch a groundbreaking initiative aimed at providing lower-rate mortgages as an employee benefit. This strategic move seeks to make homeownership more accessible, especially amidst rising real estate prices and high-interest rates. Key features of this initiative include:
- Significantly lower mortgage rates for employees of participating companies
- Potential savings of thousands annually on mortgage payments
This innovative benefit comes at a critical time as healthcare costs escalate and HR departments are tasked with enhancing employee benefits without straining budgets. Multiply Mortgage’s offering requires no direct costs or additional administrative burdens for employers, making it a unique solution in the employee benefits landscape.
Enhancing Employee Financial Wellness
Multiply Mortgage’s initiative is designed to improve employee financial wellness, which in turn can enhance retention and attract new talent. As Mamoon Hamid, Partner at Kleiner Perkins, stated:
“Attracting and retaining top talent is a focus for every great company. Providing competitive benefits and compensation programs is table stakes. Multiply is pioneering a new employee benefits category by offering lower-rate mortgages as a benefit—a point of differentiation for employers looking to stay competitive in the talent market.”
For more information on Multiply Mortgage’s offerings and how they can benefit your employees, visit their official website at Multiply Mortgage.
This innovative approach to mortgage lending could signify a new era in employee benefits, making homeownership attainable for more individuals while providing employers with an edge in talent recruitment and retention.
