Multiply Mortgage, a Denver-based startup, has raised $23.5 million in Series A funding to further its mission of making homeownership more accessible to Americans. The round, led by Kleiner Perkins, brings the company's total funding to $27 million since its inception in 2022.

The startup's founders, Michael White and Gautam Gupta, initially set out to help tech employees access the value of their equity compensation while their employers were still private. However, they observed that most employees were using their liquidity offerings for home purchases and related expenses. This insight prompted Multiply to pivot its focus to offering a mortgage benefit program, which helps employees of its partner companies navigate the home purchase process.

Today, Multiply offers employees one-on-one sessions with mortgage advisors, educational resources, and mortgage interest rate discounts of up to 0.75%. The startup works with a network of 15-20 lenders to access discounted interest rates, making homeownership more attainable for many Americans. With 30-year mortgage rates hovering above 6.5%, Multiply's program aims to provide a much-needed solution in the current market.

For companies, Multiply's program is a no-brainer, incurring no costs and minimal administrative overhead. CEO Michael White believes that Multiply is creating a new category of mortgage as a financial wellness benefit, differentiating itself from traditional lenders through its focus on financial wellness via employers and discounted rates.

Kleiner Perkins partner Mamoon Hamid, who led the Series A round, praised Multiply's approach, stating that providing competitive benefits and compensation programs is essential for attracting and retaining top talent. Hamid believes that Multiply stands out due to its direct partnerships with employers and automation of traditionally time-consuming back-end processes.

Multiply currently operates as a broker, licensed to originate mortgages in 19 states, with broker partners in 26 additional states and the District of Columbia. The startup plans to begin lending itself in the near future. Since its pivot, Multiply has already helped over 100 people finance their homes, with employees able to access its web application through their company's email address.

The company's technology-driven approach has enabled it to automate the mortgage origination process, reducing costs and passing the savings on to customers in the form of lower mortgage interest rates. Multiply's model is distinct from other companies that aggregate lenders, such as LendingTree, which offers a self-serve marketplace for finding and comparing lenders.

With its new capital, Multiply plans to continue investing in its mortgage origination platform, scaling up its team of mortgage advisors, and expanding its company partnerships. The startup currently has 25 employees and 23 company partners across various industries.

Multiply generates revenue by earning commissions on mortgage originations. As the company continues to grow, its innovative approach to mortgage benefits is poised to make a significant impact on the industry, helping to make homeownership more accessible to Americans.