Fintech LXA secures $10M in seed led by NEA

Singapore-based startup LXA, founded by Kishore Moorjani, former head of the Asia investment unit at Blackstone, and COO Shawn Low, has successfully raised seed funding despite the current industry funding slowdown.

• LXA Offerings: A platform for selling home loan pools to entities like asset managers and financial institutions and a streamlined process encompassing the entire mortgage lifecycle, from loan origination to servicing.

• Recent Updates: In a recent statement, they reported securing $10M in seed funding, with contributions from New Enterprise Associates (NEA) and other investors such as Openspace Ventures and EDBI.

• Statement from Founder: Moorjani expressed that LXA was conceived to create a conduit for “capital pools of insurance, pension funds, sovereign funds, and endowments.”

• Future Plans: Moreover, LXA plans to extend its services beyond Singapore, targeting other Asian countries. This strategic move aligns with the recent surge in digital mortgages within the region, particularly noticeable in Indonesia.

The mortgage application process is notoriously known for its fragmentation and lack of transparency. However, local players such as Ideal and Pinhome are striving to address these issues and improve the process.