SimpleNexus, a digital mortgage startup, announced on Tuesday that it picked up $108 million in a Series B funding round. The fund raise comes as the company attempts to increase its marketshare within the eClosing and mobile mortgage segments.
The Utah-based software developer offers a private-label digital mortgage platform and mobile app designed to connect lenders with borrowers and real estate agents.
The platform allows loan officers to become “mobile originators,” using their smartphones to view applications, pull credit reports and oversee all aspects of the loan process while connecting in real-time to their LOS.
Tuesday’s most recent round of funding was led by Insight Partners, who had in 2018 invested $20 million into SimpleNexus, and is no stranger to housing startups.
Most recently, the private-equity firm invested in Real, a technology-powered real estate brokerage in 2020, and perhaps most notably, e-recording provider Simplifile in 2013. In fact, prior to founding SimpleNexus in 2011, CEO Matt Hansen worked on the Simplifile development architecture team for nearly five years.
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While January already marks a springboard for the company, the tech startup is rolling over a previously bang-up year– releasing a trio of capabilities to its omni-device digital platform and beefing up its leadership team and executive suite
According to SimpleNexus president Cathleen Schreiner, the company’s most recent funding will assist in its mission to overturn mortgage processes that have been historically archaic, attributing the record-setting numbers the housing market saw in the pandemic to its recent revenue push.
“Our vision is to hone the entire home buying journey from the borrower’s first contact with a Realtor to the closing table and beyond,” Schreiner said.
Outdated as some processes may be, startup tech companies had a breakout year in 2020, launching new tech products that helped ease the pain caused by the pandemic and capacity challenges.
Home Lending Pal, Stavvy and Real Key were initiated in to the MortgageTech Accelerator program with promises of seed funding, connections and mentors, and Blend, a digital mortgage startup founded in 2012, reached unicorn status this year with its $75 million Series F raise, which valued it at $1.7 billion.
Ex-Zillow executives Carey Armstrong and Greg Scwartz also snagged $40 million in a seed round for their latest digital mortgage venture, Tomo Networks, in October.