The company’s move into mortgage lending comes on the heels of a $14 million Series A round led by Trulia co-founder Pete Flint’s NFX Ventures.
Virtual real estate brokerage Radius is now in the mortgage business in California, following through on plans it details in announcing a $14 million Series A funding round in April.
“By keeping cost structures low and bringing transparency to the entire lending process, we hope to help real estate professionals deliver a better client experience and grow their businesses,” said Radius Chief Revenue Officer Sam Kasle in a statement.
Founded in 2015 by Biju Ashokan and Sanya Gurnani, Radius evolved from an agents-only social network community into a full-fledged virtual brokerage in August 2020, raising $2 million to launch in California and Colorado.
In April, Radius announced a $13 million Series A round led by Trulia co-founder Pete Flint’s NFX Ventures alongside Los Angeles’ largest seed-stage venture capital firm, Crosscut (that funding round has since grown to $14 million, the company says).
Radius now operates in California, Colorado, Georgia, Oregon, Texas, Florida and Washington. The company plans to build on a real estate social network of more than 85,000 agents nationwide to further expand across the U.S. by the end of the year.
During the first quarter of 2022, Radius says it helped real estate professionals close more than $400 million in sales, and that in the last three years its referral network has generated $25 billion in referral commissions.