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EAST LANSING, Mich. — Approva Inc., a financial technology company headquartered in East Lansing, has secured an investment from Michigan Rise Pre-Seed Fund III. The company’s primary focus is on lending services with a mission to provide equal opportunities for mortgage options to sub-prime borrowers.
Approva’s web-based platform acts as a central hub connecting mortgage brokers and lenders, offering automation, seamless communication, and access to critical data sources. The platform incorporates features like legal and title search integration, real-time underwriting, and artificial intelligence (AI)-driven risk scoring.
“With Approva, brokers and lenders can close deals faster, reduce operational costs, and reach a broader range of underserved borrowers,” said Tommy Skinner, Senior Venture Associate at Michigan Rise. “Approva addresses pain points for this customer base with its consolidated network of lenders and brokers, intelligently matching lenders and brokers with quality sub-prime lending opportunities.”
The investment from Michigan Rise will be used to further refine the business model and expand, with a focus on transitioning borrowers from non-prime status to becoming eligible for prime loans.
