Posted February 04, 2021
Milo, a Miami-based digital banking and home mortgage startup serving international consumers, announced Wednesday it has raised $6 million in seed financing.
Milo was founded in late 2018 by Josip Rupena, who identified a market need while working with both institutions and international clients as a financial advisor at Morgan Stanley. He found that even high-net worth international clients could have difficulty securing a US home loan because of traditional banks' domestically focused processes, and learned they weren't alone.
Last year, after about a year in development, Milo became the first company to do a fully remote digital closing for an international consumer.
The startup launched with home loans because only about 30% of international consumers are ultimately able to secure US home loans, and those that do often pay higher interest rates or suffer cumbersome customer experiences, said Rupena, Milo's CEO. Longer term, that's also a market segment Milo believes it can target with additional financial solutions and banking services. "Our mission is to reimagine how global consumers access financial solutions in the US – in a way that actually caters to them.”