Multiply Mortgage, a financial technology company making homeownership more accessible through employer benefits, announced it has raised a $23.5 million Series A funding round, led by Kleiner Perkins. A, Box Group, Mischief, and Workshop also participated, bringing the company’s total funding to $27 million.
In connection with the announcement, Multiply also shared that its services are available for employers to offer to their employees as a benefit in 45 states and the District of Columbia. And employees from leading high-growth companies have been able to access more attractive rates and buy homes through Multiply.
The mortgage industry presents homebuyers with a tough choice: They can work with a low-cost, call-center lender that lacks personal support or choose a local lender or broker who may not offer the most competitive rates. This tradeoff creates unnecessary stress in the home-buying process. Founded in 2022, Multiply is building an AI-native mortgage origination platform paired with expert mortgage advisors, eliminating this compromise by offering competitive rates and concierge-level service.
With increases in healthcare costs, many HR teams are under pressure to provide competitive benefits without increasing expenses.
Multiply’s high-value and zero-cost solution enhances financial wellness, strengthens retention, and attracts talent – all without burdening employers. And its financial wellness offering provides mortgage interest rate discounts of up to 0.75% with an average annual savings of $5,100, unlimited guidance with expert advisors, and employee education sessions that cover the home purchase and financing process, all with zero cost or administrative overhead for the employer.
With employer healthcare costs expected to rise this year, many HR leaders and benefits managers are less likely to offer ancillary benefits to employees due to limited budgets. And companies like Multiply that offer benefits at no cost to the employer are in a unique position as they can provide benefits that are attractive to employees without impacting an employer’s bottom line.
The traditional mortgage lenders are burdened with high customer acquisition costs and human labor-intensive origination. And multiply partners directly with employers to offer mortgages as a benefit, and Multiply is building its AI-enabled tech stack to make the mortgage origination process more efficient and reduce the human effort involved, creating a lower cost structure that enables Multiply to offer rate discounts and expert advisor support to its clients.
KEY QUOTES:
“Homeownership has become increasingly out of reach for many Americans, and we don’t expect interest rates to fall to the levels we saw in 2020 ever again. Our mission is to help employees – whether frontline workers or corporate staff – access lower mortgage rates and expert guidance, at zero cost to their employer.”
– Michael White, CEO and co-founder, Multiply
“Attracting and retaining top talent is a focus for every great company, and providing competitive benefits and compensation programs is table stakes. Multiply is pioneering a new employee benefits category by offering lower-rate mortgages as a benefit—a point of differentiation for employers looking to stay competitive in the talent market.”
– Mamoon Hamid, Partner at Kleiner Perkins
“We believe Multiply’s unique approach — combining AI, local expertise, and a novel distribution model — is unlocking a massive opportunity to modernize the mortgage industry and redefine how financial wellness benefits are delivered at scale. This is a fundamental shift in how employees access homeownership, and is creating meaningful value for both employers and employees.”
– Gautam Gupta, co-founder and general partner at A and co-founder of Multiply
