Baseline Financial Technologies, focused on removing friction from private lending and making financing more accessible for borrowers, announced this week that it has successfully closed a round of funding.
The Toronto-born fintech secured US$1.6 million, which positions Baseline for accelerated growth in the private lending market, according to a statement from the firm.
The round was led by technology-focused venture capital firm N49P and included participation from Exit North Ventures and angel investors.
Baseline offers a loan management system tailored to the evolving needs of the real estate private lending sector, connecting point-of-sale, loan origination, loan servicing, and investor management into one platform.
“We started Baseline because, as former private lenders, no existing software on the market truly served our needs or the needs of the industry,” explains chief executive Shaye Wali. “Point solutions, user interfaces from the 1980s, and broken workflows were the norm.”
Baseline was launched by Wali, Jonathan Keebler, and Sergio Santinelli. It was originally a hard money lender itself before struggling to find adequate tools within the industry to grow the business.
“We wanted to find a better way to grow our business, but we couldn’t find the solution we needed to scale,” the founders say. “We used the lessons we learned from our past lending business to build a user-friendly, intuitive, and powerful platform from the ground-up: a platform that enables hard money lenders to operate and grow more efficient and robust lending businesses.”
The real estate private lending market poses distinctive challenges within the mortgage sector, according to Wali. Software addressing the origination, servicing, and investor management demands of private lenders marks a pivotal advancement in this expanding arena, the entrepreneur believes.
“Private lenders specializing in investment-purpose real estate require tailored technology solutions to meet their distinct needs,” says Wali. “Our platform provides the end-to-end functionality needed to streamline operations and drive business growth.”
Alex Norman, Partner at N49P, respects Baseline’s vision of “bringing a modern tech stack to an increasingly important part of our financial system.”
“We are thrilled to back Shaye and the Baseline team,” the investor stated.
Citing “ambitious goals,” Baseline says the capital will be used to further develop its technology.
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