US proptech Setpoint acquires Resolute to “revolutionise fintech lending”
US-based proptech Setpoint has acquired Resolute Diligence Solutions, a due diligence provider focused on single family rental (SFR) and residential transition loans (RTL).
Founded in 2021, Setpoint raised $43 million in its Series A funding round last December.
Resolute was established in 2019 as a subsidiary of SingleSource Property Solutions, a provider of integrated mortgage services and property management solutions in the US.
The combination of Resolute’s “outstanding service” and Setpoint’s technology “will revolutionise fintech lending”, Setpoint states.
“Resolute is highly complementary to the Setpoint platform and, when combined, is far and away the best-in-class solution for capital markets borrowers and lenders,” comments Setpoint co-founder and chief information officer (CIO) Michael Lam. “A clear example of 1+1=4.”
Setpoint co-founder and chief executive Stuart Wall says his company first learned about Resolute from its customers – “the largest lenders and originators in the world consistently told us they loved working with Resolute”.
The company says the transactions between warehouse lenders and loan originators are still powered by email, Excel, paper documents and software developed in the 1980s. This results in errors and friction that drive up the cost to lend or borrow, Setpoint explains, with consumers and businesses lacking equal access to trust and credit.
To address this, Setpoint claims it “has built lightning fast, accurate infrastructure that makes credit more widely available and the underlying assets and loans more liquid”. Its solutions support third party verification services and capital markets operating software (including portfolio, collateral, and valuation management).