US FinTech Stavvy has secured $40m from a Series A financing round led by Morningside Technology Ventures.
According to Stavvy, at over $40m this financing rise is the largest Series A in New England FinTech, LegalTech and PropTech history.
Launched in 2019, Boston-based Stavvy designs platforms aimed at managing security risk, increase speed, efficiency and transparency and eliminate fragmentation in lending and banking.
Stavvy claims the investment will be used to expand its ‘aggressive’ hiring initiative in order to accelerate growth in paperless and digital solutions for banking and lending, an area the firm claims has seen ‘explosive demand’ during the Covid-19 pandemic.
Stavvy has also partnered with FlagStar Bank in a move that will help the former provide remote loan modification services to its customers. Flagstar is the sixth-largest bank mortgage originator in the US.
Flagstar CIO of Servicing Ken Creech said, “Stavvy’s digital technology has helped Flagstar efficiently and securely assist homeowners seeking relief with their mortgage payments due to Covid-19. Thanks to Stavvy, we can process more requests to help customers more quickly, reduce errors in the signature process, and even better, walk homeowners through their loss mitigation closing during this difficult time.”
Stavvy co-founder Kosta Ligris added, “This is a historic milestone for Stavvy. This funding round bolsters our ability to expand our operations and grow our team with top talent who share in our passion and mission to transform how banking and financial transactions are conducted.
“Our alliance with Flagstar is a major step toward bringing real estate lending and servicing into the 21st century and has enabled us to assist consumers on a national scale. This is only the beginning of a very exciting journey to transform banking and lending.”
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