Toronto-based mortgage fintech Perch has raised $4 million in Series A funding from investors including Second Century Ventures, the strategic venture arm of the National Association of REALTORS®.
Perch helps buyers and homeowners make data-driven decisions about their mortgages and real estate.
With a mortgage funding rate 6x more efficient than the industry average, and a 215% customer referral rate, Perch will use the investment to continue scaling and growing its operations team.
Investors in the round include Second Century Ventures, the strategic venture arm of the National Association of REALTORS®; Ontario Centre of Innovation; and B.E.S.T. Funds, an alternative asset firm investing in technology companies in the financial services, health care, media and security sectors.
“Perch is on a mission to simplify homeownership. We enable first-time home buyers to get into the market sooner and help homeowners to build wealth efficiently by leveraging home equity.” said Alex Leduc, founder and CEO of Perch.
“With over $100 million in funded mortgages to date and thousands of users that have already joined Perch, this is clear evidence we’re on the right track. As we continue growing, our employees, investors and partners are all key to our success.”
Perch was founded in 2018 by Leduc, who previously worked in corporate finance and analytics for several publicly-traded mortgage companies.
“Housing affordability and rising rates have been a major barrier to home ownership for Canadians and our real estate agents,” said Tyler Thompson, Managing Partner of Second Century Ventures.
“We believe in Perch’s ability to continue improving on the existing process and product to ultimately create more solutions for borrowers and real estate agents that we know are needed in today’s market.”
With year-over-year user growth of 130%, Perch previously announced its $1 million seed round in October 2021. Perch currently operates in all provinces and territories across Canada.