Tomo

hellotomo.com

HQ: New York, New York, United States

200

Finance

Company research

Public company, workplace, funding, and market signals

Updated Aug 16, 2026

Overview

Tomo Mortgage is a digital-first, nonbank mortgage lender founded by former Zillow executives. It uses automation, AI, and transparent pricing to simplify home purchases, reduce lender fees, and accelerate preapproval and closing.

Primary product

Online home-purchase mortgages, including conventional, FHA, VA, and jumbo loans, supported by an automated application and underwriting platform.

Founded

2020

Headquarters

1411 Broadway, 16th Floor, New York, NY 10018, United States

Team size

150-200

Work style

Hybrid

Industry

Financial Services

Sub-industry

Digital mortgage lending / fintech / residential real-estate finance

Offices

New York, New York

Seattle, Washington

Birmingham/Detroit metropolitan area, Michigan

Austin, Texas

Business model

Direct-to-consumer mortgage lending

Technology-enabled loan origination

Mortgage servicing and secondary-market loan economics

Funding

Stage

Series B

Total raised

$130M

Latest round

Series B · Mar 2025

Latest amount

$20M

Series B

Mar 2025 · Ribbit Capital, DST Global Partners, and NFX

$20M

Series A

Mar 2022

$40M

Seed

Jun 2021 · Ribbit Capital

$70M

People & investors

Leadership

Greg Schwartz

Co-Founder & CEO

Audrey Troutt

Chief Technology Officer

Guthrie Paterson

SVP, Legal & Compliance

Emanuel Santa-Donato

SVP, Capital Markets

Sam Lanfear

SVP, Revenue / Chief Revenue Officer

Jennifer Krane

VP, Product & UX

Darrell Shaffer

Director, AI Product

Eric Ho

SVP, Finance

Meg Carey

Head of Mortgage Operations

George Robinson

VP, Data Science

Founders

Carey Armstrong

Co-Founder; former COO and Chief Revenue Officer

Investors

DST Global Partners

Metaprop

NFX

Progressive Insurance

Ribbit Capital

SVB Capital

Zigg Capital

Zillow former executives and related angel investors

Work & culture

The company describes itself as customer-focused, transparent, technology-driven, and oriented toward reducing friction in home buying. Engineering materials emphasize high performance, accountability, autonomy, growth, diverse perspectives, and a willingness to experiment. The company has used both in-office collaboration and remote work, depending on role and location.

Work style

Hybrid

Compensation

Public job postings indicate equity/stock options for all teammates. A Business Development Representative posting listed approximately $67,000-$85,000 total compensation, including an estimated $67,000 on-target earnings and uncapped commission potential. Other postings cited approximately $75,000-$80,000 for a systematic capital-markets analyst role. Executive and engineering compensation was not publicly identified.

Benefits

Equity or stock options for all teammates

Medical, dental, and vision insurance; some plans reportedly 100% covered

Paid time off

Paid parental leave

401(k) retirement plan

Career training, mentorship, and sales academy programs

Commuter benefits and office amenities

Product & market

Pricing

No lender origination, processing, or underwriting fees are advertised. Tomo monetizes mortgage origination and related loan economics; the precise fee, gain-on-sale, servicing, and interest-income mix is not publicly disclosed. Tomo advertises rates approximately 0.5 percentage points below industry averages and a price-match approach.

Differentiators

—AI and automation applied directly to sales, underwriting, and borrower workflows
—Transparent pricing with no advertised lender origination, processing, or underwriting fees
—Publicly displayed rates and no 'rate-keeping' behind a salesperson
—Purchase-focused lending, with fast digital preapproval and closing workflows
—Price-match and other borrower-facing cost and transparency claims
—Reported average savings of roughly $4,000 at closing and rates about 0.5 percentage points below industry averages
—Personalized support from loan professionals combined with a digital-first process

Technology

Artificial intelligence and machine learning for mortgage sales and underwriting

Automated mortgage application and preapproval workflows

Open banking / bank-account synchronization

Python

SQL

Snowflake

Sigma Computing

React

Google Cloud Platform

OpenAI technology for Tomo Real Estate

Customers

Homebuyers, especially first-time buyers

Residential real-estate agents and brokers

Borrowers seeking conventional, FHA, VA, or jumbo purchase mortgages

Competitors

Better

Rocket Mortgage

Beeline

Thrive Mortgage

Pennymac

SoFi

Blend

Traditional banks and credit unions

Scale & contact

Estimated revenue

$1M-$10M annually; third-party company data estimates approximately $2.3M, while public reporting indicates materially higher loan volume but does not disclose audited revenue.

Estimated monthly visits

119.2K

Traffic estimate as of Jun 2026

Signals & risks

Layoff

May 2022

Tomo cut 44 employees, approximately one-third of its workforce at the time, citing rapidly rising interest rates, reduced purchase-mortgage volume, and tighter venture-capital markets. It also slowed planned market expansion.

Source

Other

Mar 2025

The company moved its headquarters from Stamford, Connecticut, to New York City. The relocation followed earlier changes in its Connecticut expansion plans and the decision not to accept a state job-creation grant agreement.

Source

Other

Jun 2022

Tomo's 2022 workforce reduction and market pullback occurred during a severe mortgage-industry downturn and after the company had raised a $40 million Series A at a reported $640 million valuation.

Source

Latest news

AI-powered Tomo Mortgage Raises $20M with Backing from Progressive Insurance

Tomo Mortgage · Mar 2025

Tomo announced a $20 million Series B led by existing investors Ribbit Capital, DST Global Partners, and NFX, with Progressive Insurance as a new investor, bringing total investment to $130 million. The company also announced its New York headquarters move and continued hiring.

Tomo Mortgage closes $20M Series B funding round

HousingWire · Mar 2025

HousingWire reported the Series B, Tomo's $130 million cumulative funding, the headquarters move to New York, existing Detroit and Seattle offices, and plans to hire mortgage professionals.

Digital mortgage startup Tomo lands $20M, reports 3.5x revenue growth

GeekWire · Mar 2025

GeekWire reported Tomo's Series B, claimed 3.5x growth in 2024, approximately 94 employees at the time, and the company's claims of $4,000 average closing savings and rates 0.5% below industry averages.

Tomo cuts almost 1/3 of workforce, dials back expansion plans

Inman · May 2022

Tomo confirmed a reduction of nearly one-third of its workforce, attributed to higher interest rates, weaker mortgage economics, and a contraction in venture markets.

Former Zillow execs raise $70M seed round for Tomo

TechCrunch · Jun 2021

TechCrunch covered Tomo's launch and unusually large $70 million seed round led by Ribbit Capital, with participation from DST Global, NFX, and Zigg Capital.

Jobs and careers at Tomo

14 jobs at Tomo

Head of Data, Director

Remote

Executive

New York City; New York City, New York, United States

3w ago

Remote

Full-time