Digital mortgage solution Snapdocs has closed its Series C round on $60m to continue its strong growth period.
The investment was led by YC Continuity, with previous backers Sequoia Capital, F-Prime Capital and Founders Fund also joined to the round. First time investors Lachy Groom and DocuSign also backed the FinTech startup.
Funds from this round will be used to capitalise on the growth momentum of the company by driving innovation and scaling operations.
The company offers a cloud-based suite of products that enables people to simplify the closing of the mortgage process. Its solution allows lenders, settlement agents, title companies, borrowers, notaries and others to connect online and close deals.
Its product list includes a real estate notary network, signing and scheduling tools for title and escrow companies, and a digital closing platform for lenders and settlement partners.
The company has witnessed strong growth in 2020. In August 2020, the company supported around 170,000 closings.
Tom Knapp CIO of Waterstone Mortgage said, “We’ve handled our highest volume of mortgages to date in 2020 – an over 40% year-over-year increase – without additional team members, and during a global pandemic, in large part due to Snapdocs.
“By streamlining and standardizing our closing process on Snapdocs, our team and our partners are working smarter and faster, not to mention offering a more consistent closing experience to borrowers. Snapdocs has been critical to our continued success.”
As part of the deal, YC Continuity partner Anu Hariharan will join the company’s board of directors.
Hariharan said, “In 2013, Snapdocs began as a notary marketplace before expanding horizontally to service title companies and, more recently, lenders. By connecting the numerous parties involved in a mortgage on a single platform, Snapdocs is quickly becoming the “operating system” for mortgage closings. Mortgages, much like commerce, will shift online, bringing improved efficiency and a far better customer experience to the outdated home-closing process.”
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