Tomo, a fintech startup co-founded by former Zillow executives Greg Schwartz and Carey Armstrong, has successfully secured a substantial funding round that has brought its total capital raised to $130 million. The recent funding round was spearheaded by leading investment firms Ribbit Capital, DST Global, and NFX, with notable participation from new investor Progressive Insurance. This influx of capital will likely enable Tomo to accelerate its efforts in transforming the mortgage industry by leveraging technology to simplify the home-buying process and facilitate quicker access to financing. As the market evolves, Tomo’s approach aims to address the persistent challenge of inefficiencies in traditional mortgage lending, positioning the company as a significant player in a highly competitive environment.

The backing from established investors coupled with Progressive Insurance’s entry into the fold suggests strong confidence in Tomo’s operational model and future trajectory. With the growing demand for innovative solutions in mortgage lending, Tomo’s leadership, adept at navigating the complexities of the real estate market, is poised to capitalize on evolving consumer expectations. The integration of data analytics and customer-centric services are anticipated to enhance the overall user experience, offering prospective homeowners a streamlined and user-friendly mortgage process. As Tomo continues to innovate, industry observers will keenly watch its advancements in the context of emerging fintech trends that aim to reshape financial services for the better.

**Key Points:**

– **Funding Round:** Led by Ribbit Capital, DST Global, and NFX, with new investor Progressive Insurance joining the round.
– **Total Capital Raised:** Tomo has raised $130 million to date, indicating strong investor confidence.
– **Founding Team:** Co-founded by former Zillow executives, bringing extensive industry knowledge and experience.
– **Market Position:** Tomo aims to streamline the mortgage process, addressing inefficiencies in traditional lending.
– **Consumer Focus:** Emphasizes the integration of technology to enhance the home-buying experience for consumers.

You can read this full article at: https://www.housingwire.com/articles/tomo-mortgage-series-b-funding-round-progressive-nfx-ai/(subscription required)

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