FirstClose, a mortgage lending support platform, has picked up an investment from Cypress Growth Capital.
The value of the deal was not disclosed but it is a ‘multi-million-dollar investment’ and will fuel the company’s continued growth.
Founded in 2000, FirstClose provides mortgage lenders across the US with solutions to improve their loan processes. The company offers two services FirstClose Report and FirstLook Report.
FirstClose Report offers software solutions to help consumer lenders compile credit, valuation, flood, tax and title data into reports. The platform delivers automation, decreased loan closing times, standardised workflow, improved consumer relationships, financial protection and security and lower processing times, among others.
FirstLook Report supplies mortgage lenders with tools to improve credit worthiness decisions. Data surrounding credit scores, fraud alerts, market value, title data, ownership history, tax status, flood zone, loan to value data, loan history and property details, among others, is put into a single report.
This batch of funding has been earmarked for sales and marketing initiatives, staff hires, account management, vendor and LOS integrations, finance and accounting. Capital will also be used to for technology-focused initiatives and enhancements.
FirstClose CEO Tedd Smith said, “This non-dilutive investment provides us with the right type of funding at the right time as FirstClose launches into its next phase of strategic growth.
“We are experiencing consistent year-over-year growth with 62% revenue growth in 2017 alone. The support and know-how from Cypress Growth Capital is exactly what FirstClose needs to propel future growth and market-share gaining initiatives.”
Westlake Securities acted as the financial advisor to FirstClose.
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