Singapore’s Mortgage Tech Startup LXA Secures US$10 Million Seed Fundingby Fintech News Singapore November 9, 2023
LXA, a Singapore-based technology startup specialising in mortgage solutions, has raised US$10 million in a seed funding round led by New Enterprise Associates (NEA). The round also included participation from Openspace Ventures and EDBI.
With the new funding, LXA plans to expand its team, enhance its technology platform, and launch its services in additional Asian markets.
LXA’s platform aims to bridge the gap between institutional capital pools and residential mortgage borrowers, streamlining the mortgage lifecycle from origination to servicing.
The company’s proprietary technology platform utilises digital credit decisioning and intelligent workflow orchestration to provide differentiated mortgage products tailored to the needs of Asian insurers and borrowers.
LXA was founded in early 2023 by Kishore Moorjani and Shawn Low, seasoned executives with extensive experience in the asset management, insurance, mortgage, and technology industries.
“We founded LXA to create an institutional channel for the large capital pools of insurance, pension funds, sovereign funds, and endowments to access the highly desirable local currency mortgage asset class. Our technology platform is designed to create value for all stakeholders involved in the mortgage ecosystem.
With our world-class executive team, support from top-notch investment partners and strong technology foundation, we are excited about bringing this innovation to Asia. Beyond being good business and highly customer-centric, this has the potential to drive economic growth and prosperity in Asia.”
said Kishore Moorjani, CEO of LXA.