LXA raises $10m in Seed funding round led by NEA
By Gloria Mathias
LXA, a technology startup focused on Asia’s mortgage ecosystem, has announced the completion of its $10 million seed funding round led by New Enterprise Associates, Inc. (NEA), with participation from Openspace Ventures and EDBI.
Geared towards institutional capital pools and residential mortgage borrowers, this platform aims to utilise end-to-end technology to streamline the entire mortgage lifecycle, from loan origination and borrower processing to loan servicing.
LXA was founded in early 2023 by 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. LXA provides solutions to address the strong demand from Asian insurers and borrowers for differentiated mortgage products.
Founded by Kishore Moorjani, the company’s CEO, and 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.
“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,” said Kishore Moorjani, CEO of LXA. “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.”
Andrew Schoen, Partner at NEA, said, “We believe Kishore and Shawn’s visionary approach, experienced leadership, and commitment to innovation towards developing a modern mortgage platform are game-changers. 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.”
IBSi Daily News Analysis
December 08, 2023
Most consumers seek safer, easier payment verification, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage