Singapore fintech start-up LXA gets $10m seed round

Openspace Ventures and EDBI also participated. The plan is to combine best practices from the North American and European markets to build out the company’s mortgage platform across Asia.

LXA was established earlier this year by Kishore Moorjani, previously Blackstone's head of tactical opportunities in Asia, and Shawn Low, former COO of US-based Better.com, a digital real estate service active in mortgages and homeowners’ insurance.

Moorjani launched and led the Asia operations for Blackstone’s tactical opportunities group, leading investments across various sectors in the region. Previously, he served as CIO of Credit Asia Capital, which he established in collaboration with Blackstone.

Low is recognized for playing an instrumental role in the transformation of Better.com from its pre-revenue days to more than USD 800m million in revenue and USD 150m. Better, which has significant operations in India, raised more than USD 400m across four private rounds from 2016 to 2020, according to AVCJ Research.

LXA aims to streamline the entire mortgage lifecycle – from loan origination and borrower processing to loan servicing – by matching insurance companies, pension funds, sovereign funds, and endowments with residential mortgage borrowers. NEA described the company as Asia's first modern mortgage asset manager.

"Our technology platform is designed to create value for all stakeholders involved in the mortgage ecosystem.” Moorjani said in a statement. “Beyond being good business and highly customer-centric, this has the potential to drive economic growth and prosperity in Asia."

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• Topics
• Southeast Asia
• Financials
• Technology
• Early-stage
• Singapore
• New Enterprise Associates
• Openspace Ventures
• EDBI
• Financial Services
• Fintech