Singapore’s LXA Secures $10 Million in Funding Led by NEA to Transform Asian Mortgage Market

Singapore’s LXA Secures $10 Million in Funding Led by NEA to Transform Asian Mortgage Market

In a significant stride for Singapore’s financial technology sector, LXA, a FinTech company based in the city-state, has successfully closed a $10 million funding round, with New Enterprise Associates, Inc. (NEA) leading the investment.

Openspace Ventures and EDBI also participated in the funding, reinforcing the company’s position in the market. LXA has ambitious plans to reshape the landscape of the Asian mortgage market, and this capital injection will play a crucial role in achieving that vision.

The primary focus of utilizing the funds lies in the enhancement of LXA’s technology platform. With a keen emphasis on digital credit decisioning and intelligent workflow orchestration, LXA aims to revolutionize the mortgage industry in the region. The company’s strategic objective is to establish an institutional channel for significant capital pools, such as insurance, pension funds, sovereign funds, and endowments, to access the local currency mortgage asset class.

Led by CEO Kishore Moorjani and COO Shawn Low, both seasoned professionals in the finance and technology sectors, LXA brings a wealth of experience to the table. Moorjani, a former Senior Managing Director at Blackstone with over 25 years of regional investment expertise, and Low, the former COO of Better, are committed to driving innovation in Asia’s mortgage ecosystem.

CEO Kishore Moorjani expressed enthusiasm about the transformative potential of LXA’s technology platform, stating, “Beyond being good business and highly customer-centric, this has the potential to drive economic growth and prosperity in Asia.”

Andrew Schoen, Partner at NEA, commended LXA’s visionary approach, experienced leadership, and commitment to innovation, describing the company as a “game-changer” in the development of a modern mortgage platform in Asia.