Digital mortgage lender Tomo announced a $20 million Series B on March 11, 2025. Progressive Insurance joined existing investors Ribbit Capital, NFX and DST Global Partners, bringing Tomo’s stated total investment to $130 million. Tomo said it would use the funding to grow its team and products.
Who invested in Tomo’s $20 million round?
Tomo named Progressive Insurance as the new investor in the Series B, alongside existing investors Ribbit Capital, NFX and DST Global Partners. The company’s March 11, 2025 announcement said the round brought its total investment to $130 million.
What Tomo does—and what it planned to do with the funding
Tomo is a digital mortgage lender founded by former Zillow executives Greg Schwartz and Carey Armstrong. HousingWire reported that the company launched the Tomo Real Estate home-search portal in February 2024 (HousingWire’s coverage).
In its funding announcement, Tomo said it planned to invest in team and product growth, including hiring loan officers and other mortgage professionals in Detroit, Seattle and New York. The announcement also said the company operated in 31 states, including Washington, D.C., and planned to move its headquarters from Stamford, Connecticut, to New York City. These describe the company’s stated footprint and plans in March 2025, not verified current operations or completed moves.
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- Loan Amortization and Remaining Balances
- Instant Principal, Interest, Interest Only and Total Payments
- Future Values
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What the reported growth figures mean
Contemporaneous coverage cited several measures of Tomo’s growth, but they are not interchangeable:
- Revenue: Tomo reported gross revenue in 2024 was 3.5 times its 2023 level, according to GeekWire.
- Loan volume: HousingWire reported Modex data showing $404 million in loan volume for the 12 months ending January 2025. The same report said Tomo described its loan volume as having grown 250% over the prior year. Loan volume is not revenue.
These are historical figures reported in 2025; they do not establish Tomo’s current scale or financial performance.
Rank #2
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
How to read Tomo’s borrower-savings claims
Tomo said its average interest rates were 0.50 percentage points below the industry and up to 1 percentage point below those of some large lenders. The company also claimed typical homebuyer savings of $4,000 at closing. These are Tomo’s comparisons, not independently verified market-wide results or guaranteed savings. The cited funding coverage does not establish a controlled comparison across equivalent loan types, borrowers, points and fees, rate-lock dates and measurement periods.
CEO and co-founder Greg Schwartz described Tomo’s approach as using AI for upfront pricing and said the company sought to avoid mystery fees, missed closing dates and “rate-keeping.” NFX general partner Pete Flint praised what he called Tomo’s use of proprietary technology to reduce origination fees and processing delays. Those remarks are the views of the company’s chief executive and an investor, respectively; they are not independent evidence that borrowers will receive a particular rate, fee or closing outcome.
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- DEDICATED FUNCTION KEYS for Quick Financial Solutions: Clearly labeled function keys enable you to quickly and confidently provide financial answers and options for your clients, whether in the office, in the car or at an open house. Compare loan options and provide payment solutions to give your client choices
- INSTANT FINANCIAL PROBLEM SOLVING: Solve the financial questions your clients have whether they are buyers, investors or renters; increase your perceived professionalism and close more home sales by quickly answering real estate finance problems including remaining balances
- RESIDENTIAL REAL ESTATE FINANCE TERMS: Keys labeled in residential real estate finance terms like Loan AMT, Int, Term, PMT; Calculator is super easy to use to determine a mortgage loan that works for your client
- VERSATILE LOAN CALCULATION OPTIONS: Calculate 80:10:10 or 80:15:5 combo loans at the press of a button; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices
- COMES COMPLETE: Comes with a protective slide cover, quick reference guide, pocket user's guide, two long-life batteries, and 1-year warranty
What the funding announcement does—and does not—establish
The announcement establishes the size, named investors and intended use of the March 2025 financing, as reported by Tomo and contemporaneous coverage. It does not establish the company’s funding status, licensing, products, staffing or availability today. Borrowers considering a lender should verify current availability in their state and compare written loan estimates for the same loan terms rather than rely on company-wide savings claims.
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- Extra large 12-digit angled display.
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Rank #4
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
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