LXA, a Singapore-based fintech startup, has on Wednesday announced the completion of its $10 million seed funding round led by New Enterprise Associates, Inc. (NEA).
LXA said in a statement that the round also saw participation from Openspace Ventures and EDBI.
The company’s technology platform revolutionizes the mortgage industry by streamlining loan origination, processing, underwriting, and servicing.
Geared towards matching institutional capital pools and residential mortgage borrowers, this platform aims to utilize end-to-end technology to streamline the entire mortgage lifecycle, from loan origination and borrower processing to loan servicing.
The firm was founded in early 2023 by seasoned executives across the asset management, insurance, mortgage, and technology industries to bridge the gap between mortgage assets and institutional capital in Asia, beginning with Singapore.
Founded by Kishore Moorjani, the company’s Chief Executive Officer, and by Shawn Low, the company’s Chief Operating Officer, the LXA team brings proven experience across a breadth of disciplines to the mortgage-based asset management industry.
Moorjani has over 25 years of experience investing in the region, most recently as Blackstone’s Senior Managing Director and Head of Tactical Opportunities in Asia.
Low was Chief Operating Officer of Better, where he played an instrumental role in the transformation of the mortgage platform from its pre-revenue days to over $800 million in revenue and $150 million in profitability.
“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,” he added.
Andrew Schoen, Partner at NEA, said that the firm believes Kishore and Shawn’s visionary approach, experienced leadership, and commitment to innovation towards developing a modern mortgage platform is a game-changer.
“As Asia’s first modern mortgage asset manager, the LXA team has figured out how to coordinate the complex web of people, processes, and systems to create long-term change and drive significant economic value,” he added.
NEA is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies.
Founded in 1977, NEA has over $25 billion in assets under management, as of March 31, 2023, and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through initial public offering (IPO).
The firm’s long track record of investing includes more than 270 portfolio company IPOs and more than 450 mergers and acquisitions.