Tomo Mortgage, the fast-growing digital mortgage lender, today announced that it closed its $20 million Series B financing round, bringing its total investment to date to $130 million. In addition to new investor Progressive Insurance, existing investors Ribbit Capital, NFX, and DST Global Partners also participated in the latest round.

Tomo is a digital mortgage company on a mission to get rid of the greed and complexity in lending, saving homebuyers thousands of dollars. Its continuous automation platform makes the lending process much faster, less frustrating, and far less expensive. By passing that savings on to the homebuyers, it's able to eliminate the excessive fees and over-inflated rates that cost U.S. homebuyers billions of dollars each year.