Milo Secures $17 million in Series A Funding Led by M13
MIAMI, March 9, 2022 /PRNewswire/ — Milo, a financial technology company reimagining the way global and crypto consumers access financial solutions, today announced a $17 million Series A funding round. The financing was led by California-based venture capital firm M13 with additional participation from QED Investors and MetaProp, who were also investors in the previous seed round.
Financial technology company Milo secures $17 million in Series A Funding Led by M13
Since 2019, Milo has developed trusted innovative financial solutions for global consumers. In January 2022, Milo launched the first-ever 30 year crypto mortgage and has begun processing applications from its waitlist of 7,400+ consumers. This interest demonstrates the significant need for those with crypto wealth to have the opportunity to utilize their digital assets to invest in real estate. Milo will use this investment on continued product development and to accelerate its hiring efforts to keep up with the crypto mortgage demand.
“We are excited to announce this new funding and welcome M13 as investors,” said Josip Rupena, CEO of Milo. “This round of financing is a validation of Milo’s vision to empower global and crypto consumers and the opportunity to bridge the digital world with real world real estate assets. This is a multi billion dollar opportunity and we are proud to be pioneering the efforts in the US for consumers that have unconventional wealth. We’re thrilled to have amazing investor support that recognizes that the world is changing and look forward to them being on this journey with us.”
The company’s first product was a mortgage solution for foreign nationals that has grown over 250% in the last 12 months and processed over $500 million in applications from over 90 countries. Global consumers’ financial needs are constantly evolving, creating a need for unique, and flexible solutions that support them in reaching their financial goals to invest in the future. Real estate is a critical component to financial wellness and many global crypto consumers have been locked out or denied the opportunity. Milo identified this trend in 2019 and is continuing to build solutions that have a meaningful impact on people’s lives.
“We are thrilled to lead Milo’s Series A round. As someone who has deep expertise on Wall Street and has also been an active participant in the crypto markets, Josip truly has founder-market fit. The crypto mortgage product is groundbreaking and will open up access to individuals who are holding a growing amount of digital assets. We also believe the existing foreign national product will become a significant business line given the under-served needs in that $1T market. It is rare to find a business like Milo that can be a leader in both creating a new market and penetrating a large existing one.” Said Latif Peracha, Partner at M13.
“As an early investor at the previous seed round, QED is extremely excited to continue to support Milo,” said QED Investors Partner Matt Burton. “The crypto market has been underserved by wealth management products and Milo is blazing a trail by launching the first 30-year mortgage that allows for a zero-percent down payment in exchange for pledging your crypto. The meta theme here is that Milo’s crypto mortgage product allows people to put their crypto to work. Josip has built an amazing team to lean into this product and Milo is now incredibly well positioned at the center of Miami’s hub of crypto startup activity as the city becomes the crypto capital of the U.S.”
About Milo
Milo is a financial technology company reimagining the way global and crypto consumers access financial solutions to ‘Unlock What’s Possible.’ By building a proprietary technology stack and bringing on a world-class team, the company has enabled millions of dollars in US home loans. Milo is passionate about driving digital transformation and making a meaningful impact in people’s lives. Milo has raised $24 million in venture funding from investors. For information visit www.milocredit.com or email press@milocredit.com.
About M13
M13 is a venture engine whose founding teams access the necessary capital, expertise and resources to build and scale consumer technology companies. Founded in 2016 with offices in LA, NY and SF, M13’s portfolio includes Lyft, Pinterest, Ring, Daily Harvest, FabFitFun and others. Through Fund II, M13 will expand its focus to emerging technologies driving change in consumer behavior over the next decade. With more than 80 direct investments and 16 exits, M13’s portfolio totals over $137B in enterprise value. For information visit www.m13.co.
About QED
QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED is focused on investing in disruptive financial services companies in the U.S., the U.K. and Europe, Latin America, Southeast Asia and Africa. Notable investments include AvidXchange, Current, Creditas, Credit Karma, Kavak, Klarna, Nubank and SoFi.
About MetaProp
MetaProp is a New York-based venture capital firm focused on the real estate technology industry. Founded in 2015, MetaProp’s investment team has invested in 125+ technology companies across the real estate value chain. The firm manages multiple funds for both financial and strategic real estate investors that represent a pilot- and test-ready sandbox of 15+ billion square feet across every real estate asset type and global market.
SOURCE Milo Credit
