Lendtech firm Snapdocs raises $25m in Series B funding
Mortgage technology firm Snapdocs has raised $25 million in Series B funding in a round led by F-Prime Capital and with participation from prior investors Sequoia Capital.
Founded in 2012, Snapdocs provides mortgage lenders with tools for booking vetted notaries and collaboration with other mortgage professionals during the loan closing process. It plans to use the new funding to develop its artificial intelligence (AI) offerings.
The firm has raised $43 million in funding over three rounds. Joining F-Prime Capital and Sequoia Capital in this latest round are Peak State Ventures and Founders Fund.
Snapdocs claims that its platform powers over 10% of all US residential mortgage transactions, around $150 billion in real estate transactions annually.
“This is a huge milestone for the Snapdocs team and towards delivering on our promise of a seamless digital real estate closing,” says Aaron King, CEO of Snapdocs.
“It’s also a big milestone for our lender and title partners who are now trusting us with over 750,000 real estate closings a year […] this capital enables us to continue to scale our world-class team so we can build the technology you need to thrive in a digital age.”
David Jegen, managing partner of F-Prime Capital’s tech fund, adds: “Residential mortgages is a $2 trillion industry and one of the largest sectors yet to be digitised.”
“The entire closing process is cumbersome and in need of a better workflow for collaboration, coordination and transparency. Snapdocs has built the leading vertical software-as-a-service (SaaS) solution to this problem and is well-positioned to become the industry’s platform for digital mortgage closings.”