Title insurance platform Spruce Holdings has raised up to $15.5m in its latest round of funding.
The company has received contributions from at least eight backers, according to the latest US SEC filing. It is unclear whether the funding has closed or what the target is for the fundraise.
A minimum invested accepted from outside backers has been set at $100,000.
New York-based Spruce integrates with lenders to provide consumers with title insurance and escrow services which simplify the mortgage closing process. By using a data-driven approach, the company helps to offer a single location for the entire process and ensure transparency on both sides.
It works by a homeowner applying for a new mortgage and stating they want to use Spruce for title insurance, which protects the property rights of real estate owners.
Lenders can also benefit from the solution as its e-closing platform helps to ease workflows and automatically prompting both parties of looming close dates. The technology also has built-in compliance to ensure all quotes are TRID-compliant. Quotes and orders can be accessed through Spruce’s API.
Spruce also implements bank-level encryption and ALTA best practices in order to protect customer data and privacy.
There have been a handful of InsurTech startups to raise funds in the past week. Last week Digital Risks, an automated platform for purchasing business insurance, raised £2.25m in funding to support the expansion into Europe. While, AI-based claims management software Tractable secured $25m in in an investment round.
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