Aw snap! LoanSnap raises $30 million
Well, if Joe Montana is a fan, you know youāre really on to something.
The consumer-forward online lending platformĀ just led another successful round of fundraising.
Launched in 2018, the home mortgage platform aims to issue loans that improve the underlying consumerās financial future.Ā
The startup, which has seen strong demand, just raised a fresh round of funding, as originally reported in the Midas TouchĀ newsletter.Ā
True Ventures led LoanSnapās $30 million Series B round, with participation from venture firms including Baseline Ventures, The Virgin Group and Mantis VC, among others.
Individuals including former NFL quarterback Joe Montana, LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus are also named investors.Ā
This fresh influx, which raises the startupās funding to a total of $64 million, will go towards expanding its services in other areas.
LoanSnap uses artificial intelligence to analyze a consumer's finances, shows them where they are losing money and then sorts through thousands of options to make a loan recommendation in seconds. The company also uses AI and proprietary technology to automate much of the loan process instead of other lenders who do it manually.Ā
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Millennials are in poor health, and itās costing them big
It's not just the burden of student loans holding back millennials from saving now a survey conducted by Harris Poll on behalf of CNBCĀ finds thatĀ 44 percent of older millennialsĀ are grappling with chronic illness and disability. That scenario is putting a strain on pockets as this demographic looks to get onto a very competitive housing ladder.
The survey found that as the oldest millennials start to hit 40, many are finding themselves coping with chronic health conditions ā more so than previous generations, according to some recent research.Ā
About 44% of older millennials born between 1981 and 1988 report having been diagnosed with at least one chronic health condition, according to the survey.Ā
Studies show those with at least one chronic conditionĀ spend twice as much on out-of-pocket healthcare expensesĀ than those without any medical issues. Those with two concurrent chronic health issues spend five times as much.Ā
Beyond out-of-pocket spending, millennials with a chronic health condition also could see their annual income reduced by as much as $4,500 per person due to medical expenses and even reduced work hours or job loss because of poor health, according to aĀ 2019 report from Moodyās AnalyticsĀ that analyzed data from Blue Cross Blue Shield Health.
Concentrating on your well-being is of paramount importance and mixing in the strain of debt related to health care costs just adds to the strain.
Hereās some more bad news for this age demographic: Nearly a quarter (24%) of 20- and 30-somethings saidĀ the pandemic has decreasedĀ the likelihood they'll buy a house, according to Bank of America Research's sixth annual millennial home improvement survey, which polled over 1,000 members of the generation.
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Reverse trend: People are moving back to cities!
At the height of the pandemic that drove an exodus from US cities there was talk that with Americans and companies becoming increasingly comfortable with the work from home dynamics it could mean that cities were dead.Ā
Not so!Ā Recent data suggests that aĀ revival of citiesĀ is already underway, according to this Reuters report. Cellphonetracking firm Unacast had earlier noted that phone users were shifting their overnight locations out of New York, but now sees them coming back.
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“New York is growing again,” with the city adding a net 1,900 people in the first two months of 2021 versus a loss of 7,100 in the same two months of 2019 and the 110,000 estimated by the company to have left the city throughout 2020.
Similarly, Bank of America economists wrote last week that they “don't see evidence of a broad urban exodus,” a conclusion that combined analysis of the company's own card spending data as well as a survey of other reports.
Hereās another promising sign:Ā Broadway has a reopening dateĀ of early September! Tickets will go sale Thursday, May 6, with theaters being sold at 100% capacity. Theaters can sell every seat, and they will then determine, based on demand, how and when they reopen.
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