Canada’s Leader in Mortgage Process Automation

About FundMore.ai

FundMore is focused on providing a simpler mortgage experience for Canadians by being the leader in mortgage process automation. Our mission to provide a completely underwritten mortgage decision in 60 seconds. We are working toward making this a reality with FundMore’s AI decision engine by identifying risks and providing clear insights and narratives as to how an approval was recommended. We then use our AI document reader to quickly analyze physical documents and subsequently digitize, recognize, extract, sort and validate the data to confirm the mortgage conditions and cross-reference the data for accuracy from our third-party data partners.

Location: Ottawa

Year Founded: 2018

Vertical: Lending / Borrowing

Employees: 11 – 50

Website:  FundMore.ai

Social Media:

Problem

Our collective experience and more importantly industry experts and lenders who have played an important role in the development of FundMore’s products have led us to understand that there are 6 key challenges in the mortgage industry.

Service standards and flow of information have become quite cumbersome over time with continuous rule changes and increased due diligence requirements.

Decentralized underwriting teams, high turnover and lack of consistency has led to delays in response times and an increase in human error when processing applications.

The requirement for a more transparent process for borrowers and providing a digital first approach to lending.

Legacy systems that remain outdated but are entangled deeply into the FIs’ architecture limit their ability to progress and advance their systems.

Email remains the most common, widely used to exchange sensitive data which is susceptible to cyber-crime and viruses.

The cost to fund mortgages continues to rise driving the need for more cost-effective innovation and automation of laborious tasks.

FundMore is working toward innovating the industry by automating tasks in the pre-funding process and leveraging AI, ML, NLP and soon blockchain technology to improve upon these challenges.

Ideal Customers

Businesses (B2B)

Milestones

  • We have closed a pre-seed round of $600K and launched and onboarded our first client onto the FundMore AI product.

Core Benefits

FundMore automates the pre-funding process for mortgage lenders. From our inception we have been focused on providing a simpler mortgage experience for Canadians by being the leader in mortgage process automation. We began our journey by providing brokers and lenders access to the most advanced and secure document management platform in Canada, completely automating the process in a mobile, web and app environment. We augmented our core offerings in 2020 by launching the FundMore AI, a complete underwriting system and in 2021 we will be launching FundMore IQ.

Our mission to provide a completely underwritten mortgage decision in minutes. We are working toward making this a reality by aggregating data from our third-party partners and using FundMore’s AI document reader to quickly analyze physical documents and subsequently digitize, recognize, extract, sort and validate the data to confirm the mortgage conditions.

FundMore.ai has three modules that make up our comprehensive underwriting platform for the mortgage lending industry. FundMore AI is a completely automated underwriting system for adjudicating mortgage applications quickly and efficiently. FundMore DM is a document management system for securely storing physical documents in an encrypted format. FundMore IQ offers augmented document reading, data extraction and condition validation.

  • Startup Pre-revenue 0% 0%
  • Startup Post-revenue $1 – $2M 100% 100%
  • Scaleup $2M – $10M 0% 0%
  • Scaleup $10M+ 0% 0%

Problem

Our collective experience and more importantly industry experts and lenders who have played an important role in the development of FundMore’s products have led us to understand that there are 6 key challenges in the mortgage industry.

Service standards and flow of information have become quite cumbersome over time with continuous rule changes and increased due diligence requirements.

Decentralized underwriting teams, high turnover and lack of consistency has led to delays in response times and an increase in human error when processing applications.

The requirement for a more transparent process for borrowers and providing a digital first approach to lending.

Legacy systems that remain outdated but are entangled deeply into the FIs’ architecture limit their ability to progress and advance their systems.

Email remains the most common, widely used to exchange sensitive data which is susceptible to cyber-crime and viruses.

The cost to fund mortgages continues to rise driving the need for more cost-effective innovation and automation of laborious tasks.

FundMore is working toward innovating the industry by automating tasks in the pre-funding process and leveraging AI, ML, NLP and soon blockchain technology to improve upon these challenges.

Core Benefits

FundMore automates the pre-funding process for mortgage lenders. From our inception we have been focused on providing a simpler mortgage experience for Canadians by being the leader in mortgage process automation. We began our journey by providing brokers and lenders access to the most advanced and secure document management platform in Canada, completely automating the process in a mobile, web and app environment. We augmented our core offerings in 2020 by launching the FundMore AI, a complete underwriting system and in 2021 we will be launching FundMore IQ.

Our mission to provide a completely underwritten mortgage decision in minutes. We are working toward making this a reality by aggregating data from our third-party partners and using FundMore’s AI document reader to quickly analyze physical documents and subsequently digitize, recognize, extract, sort and validate the data to confirm the mortgage conditions.

FundMore.ai has three modules that make up our comprehensive underwriting platform for the mortgage lending industry. FundMore AI is a completely automated underwriting system for adjudicating mortgage applications quickly and efficiently. FundMore DM is a document management system for securely storing physical documents in an encrypted format. FundMore IQ offers augmented document reading, data extraction and condition validation.

Ideal Customers

Businesses (B2B)

Milestones

  • We have closed a pre-seed round of $600K and launched and onboarded our first client onto the FundMore AI product.
  • Startup Pre-revenue 0% 0%
  • Startup Post-revenue $1 – $2M 100% 100%
  • Scaleup $2M – $10M 0% 0%
  • Scaleup $10M+ 0% 0%