# LoanSnap

> LoanSnap was a U.S. fintech that built what it called the world's first 'smart loan' technology - an AI engine that scanned a borrower's whole financial picture in seconds, not just their interest rate, to recommend home loans designed to cut overall debt and monthly costs. Founded in 2017 by serial entrepreneurs Karl Jacob and Allan Carroll, it raised roughly $100M from backers including Richard Branson's Virgin Group, Reid Hoffman, True Ventures, Baseline Ventures, and the Chainsmokers' Mantis VC. After a 2021 peak of nearly $500M in originations, rising rates and operational problems sent volume and headcount into steep decline, followed in 2023-2024 by lawsuits, fines, and an eviction from its headquarters.

- **Founded:** 2017
- **Headquarters:** Los Angeles / Costa Mesa, California, United States (with a San Francisco office)
- **Founders:** Karl Jacob (Co-founder & CEO), Allan Carroll (Co-founder & CTO)
- **Team size:** Roughly 100+ employees at peak (2021-2022), reduced to fewer than 50 by early 2024
- **Products:** Smart Loan technology, Mortgage & refinance, HELOC, VA loans, Mobile & web app
- **Notable:** Claimed to invent the world's first 'smart loan' technology using AI to analyze a borrower's entire financial picture., Raised roughly $100M from high-profile investors including Virgin Group, Reid Hoffman, True Ventures, and the Chainsmokers' Mantis VC., Originated nearly 1,300 loans worth about $500M in 2021, a company record.

## Products & services

- **Smart Loan technology** — AI and machine-learning engine that analyzes a borrower's full financial picture - income, debts, credit cards, savings - in seconds to recommend a home loan optimized for total savings, not just interest rate.
- **Mortgage & refinance** — Direct-to-consumer home purchase and refinance loans originated by LoanSnap.
- **HELOC** — Home equity line of credit products for tapping home equity.
- **VA loans** — Home loan options for eligible veterans and service members.
- **Mobile & web app** — iOS and Android apps and web platform for application, document upload, and loan tracking.

## Achievements

- Claimed to invent the world's first 'smart loan' technology using AI to analyze a borrower's entire financial picture.
- Raised roughly $100M from high-profile investors including Virgin Group, Reid Hoffman, True Ventures, and the Chainsmokers' Mantis VC.
- Originated nearly 1,300 loans worth about $500M in 2021, a company record.
- First mortgage company ever accepted into Visa's Fintech Fast Track program (2024).

## Latest updates

- **2024-02** — Became the first mortgage company accepted into Visa's Fintech Fast Track program.
- **2024-06** — TechCrunch reported the company faced multiple creditor lawsuits, a regulatory fine, and eviction from its headquarters after raising ~$100M.
- **2024-10** — Reported to have lost its license to operate as a mortgage lender in Connecticut.

## Links

- Website: https://goloansnap.com
- LinkedIn: https://www.linkedin.com/company/loansnap
- Twitter/X: https://twitter.com/loansnap
- Facebook: https://facebook.com/loansnap

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Profile page: https://yespress.io/loansnap
Published by YesPress — https://yespress.io
Last updated: 2026-06-14