Tomo Mortgage on Tuesday announced the closure of $20 million in Series B funding that was led by three existing investors and a new participant.

The funding round was led by prior investors Ribbit Capital, DST Global and NFX along with new investor Progressive Insurance. Tomo, which was founded in 2020 by former Zillow executives Greg Schwartz and Carey Armstrong, has received a total of $130 million in funding to date.

Tomo touts its use of artificial intelligence in streamlining loan underwriting and closing processes. It claims to save the typical homebuyer up to $4,000 in closing costs and details ⇒

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