Milo brings in $6m to provide US credit to international citizens
US lending start-up, Milo, has raised $6 million in seed financing in a round led by QED Investors. MetaProp and 10X Capital also took part in the funding round.
Milo aims to help international buyers access credit in the US.
“Banks had neglected us, lenders avoided us, and others just wasted our time,” the firm states on its website. “This frustration led to action and compelled us to create a company with global consumers unique situations at its core.”
Milo launched in late 2018, led by former Morgan Stanley financial advisor, Josip Rupena.
Rupena identified a market need during his tenure at Morgan Stanley. “A private wealth client with a seven-figure net worth was hoping to secure a US home loan. Because of traditional banks’ domestically focused processes, this financially sound individual couldn’t secure a loan – and he’s not alone,” he recalls.
Only 30% of international consumers are ultimately able to secure US home loans, according to Milo. If they do get approved, they often suffer from high interest rates or a cumbersome customer experience.
“There are millions of qualified consumers globally,” says Rupena. “They hold dreams of one day investing in the US market, which offers a sense of stability that cannot be accessed in many other countries.”
Since finalising funding in summer 2020, Milo has processed more than $100 million in loan requests, doubled its team and launched two offices in Miami and Colombia.
Last year, it became the first company to do a fully remote digital closing for an international consumer. Milo says its proprietary technology “bridges the gap to deliver a fully online way to qualify, underwrite, and close a loan from anywhere in the world with very attractive US interest rates”.