Both the social and economic status of a nation is equally important for the growth of a country. There will always be people from different financial categories, but the entire nation’s well-being is a big responsibility. The necessities are everyone’s right. Moreover, the loaning system has become very easier and simpler these days. So, whenever you are ready with your plan, there’s one or the other company arriving at your doorsteps with lucrative offers. But, most of the time the interest is too high and things become complicated. In these situations, we feel like having a customized deal with a company. Wouldn’t that be great to have a smart loan agreement for yourself keeping in mind your financial and another status? LoanSnap, a loan company founded in 2017 provides you with loans that are exceptionally made for you. Karl Jacob and Allan Carroll founded the company to improve the financial well-being of every American start-up. LoanSnap has a very strong founding team which turned the start-up to a huge success in three years.
About the Founders
Karl Jacob graduated from high school in 1986 and then went to the University of Southern California. He acquired his bachelor’s degree in computer science and graduated in 1992. Karl had an ample of experience before founding LoanSnap. He did a summer internship at Apple during his graduation.
In 1991, Karl joined Sun Microsystems as a manager and continued for two years. Apart from LoanSnap, he also founded Dimension X, Wallop, Coveroo, and Hangtime Inc. He is also a former Microsoft employee and served as the CEO at companies like Ingenio, Keen, Cloudmark. Karl is also a board member at Mayvenn and currently serves as the CEO of LoanSnap.
Allan went to Brigham Young University and studied computer engineering. He also went to the University of Washington and completed his master’s in computer science as well. Allan was an intern at Microsoft for four months.
Allan co-founded Familylink.com which came under the acquisition of Ancestry.com in 2011. He has also founded Piick and Hangtime Inc. Before co-founding LoanSnap he was an Advisor at VidAngel. He is currently the CEO of the company, LoanSnap.
The Aim
Both Karl and Allan are from a computer science background. They wanted to implement some strategies from their field that would help improve the financial condition of America. Karl noticed that most of the Americans lost money as they didn’t move their credit card debt at a high-interest rate. In 2017, this happened to many Americans resulting in a loss of $58 million.
This bewildered Karl and he realized Americans can’t visualize their financial condition and thus fail to plan accordingly. So, what can be better than someone analyzing the financial condition taking into account the American financial system?
Karl decided to make use of AI and ML and thus launching a tool to help Americans make better financial decisions and make them debt-free.
The Beginning
The co-founders realized that the loan market was running only on the basis of who can bring customers thereby providing loans at the lowest interest. The loan officers were only interested in this part and hence there was neither security nor proper future planning for the customers. This led them to establish LoanSnap and improve the loan market and make it more productive and efficient.
Funding and Investors
This AI-driven start-up raised $8 million in July 2018. The company also launched a service for military personnel in the same year. This was a huge step for LoanSnap as they started expanding their options and giving more than just conventional mortgages. Since then LoanSnap has received enormous positive feedback from its customers and also from many business tycoons. In 2018, LoanSnap also acquired Costa Mesa, a California-based start-up.
In January 2019, the company raised another $4.7 million from major investors such as Thomvest Ventures, Baseline Ventures, Branson’s Virgin Group, OVO Fund, Core Innovation Partners, and many more. After this funding round, the total capital raised by the company summed up to $17 million.
Success
Apart from the company making a lump sum amount of profit, it is highly dedicated toward making Americans take better decisions. So, it is not just a random loan company working at its best interest but also a community thinking about the well-being of its nation. They proved how technology can revolutionize every single product to a helpful asset in life.
Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more