The fintech firm Roostify has completed a $25 million Series B round of financing that involved investments from several banks.

Participants included a new investor, Santander Innoventures, the venture capital arm of Banco Santander, and two previous bank-related investors: JPMorgan Chase and Colchis Capital, a subsidiary of USAA. Cota Capital and Point72 Ventures also participated in the latest funding round.

Roostify was launched in 2014 with the aim of digitizing mortgage lending and eliminating paper-based processes. The funds will be used to expand into new markets and “power the company’s ambitious growth goals," Roostify said in a news release Thursday.

Mobile banking concept
Fintech transfer
"Following our 'invest and partner' model, we are excited to bring [Roostify's] solutions to Santander Group’s customers in the future,” Santander's Manuel Silva says. Adobe Stock

“We have been very impressed with Roostify's vision of putting the client first, and developing technologies that support such experiences,” Manuel Silva, head of investments at Santander InnoVentures, said in the release.

The fintech has strong growth prospects, especially outside the United States, Silva said.

"Following our 'invest and partner' model, we are excited to bring their solutions to Santander Group’s customers in the future,” he said.

Last year JPMorgan Chase announced it had partnered with the fintech firm to build a digital self-service mortgage platform that will allow consumers to upload and electronically sign mortgage documents.

Roostify also recently announced an integration with LendingTree, which enables consumers to shop for a loan and then get that loan with their preferred lender digitally.

Bryan Yurcan

Bryan Yurcan

Bryan Yurcan is a senior writer with American Banker, with a focus on financial technology.