Former Zillow execs raise $70 million to launch mortgage fintech Tomo

Lending startup Tomo Networks announced on Wednesday that it received $70 million in seed funding, after initially raising $40 million eight months ago. Ribbit Capital led the second round, alongside DST Global, NFX, SVB Capital and Zigg Capital, which recently served as lead investor to mortgage fintech Spruce.

Zillow’s former Vice President of its Premier Agent business, Carey Armstrong, and former President of media and marketplace, Greg Schwartz, co-founded Tomo in October 2020 with the aim of improving the buying experience — a popular mission for digital lenders in a crowded field. They plan to forgo refinancings altogether.

“In today’s housing market, buying is not an enjoyable experience; it has become competitive, stressful, and confusing,” Schwartz said in a press release.

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Source: Former Zillow execs raise $70 million to launch mortgage fintech Tomo | National Mortgage News