Snapdocs Raises $150 Million in Funding
May 26, 2021
Digital closing platform provider Snapdocs raised $150 million in Series D funding. The company said the new round will accelerate its vision of building the digital infrastructure that connects lenders, settlement services and borrowers together to digitize mortgage closings at scale.
The round was led by Tiger Global with participation from Sequoia, Y Combinator, F-Prime, Maverick, Alkeon, and Wellington Management. This brings Snapdocs’ total funding to $260 million and increases valuation to over $1.5 billion.
Snapdocs enables lenders to connect with all parties and technologies involved in a mortgage transaction to complete the entire closing process online. The technology manages the entire cross-party workflow, appointment scheduling, status updates and notifications necessary to provide a seamless closing experience. The platform connects and integrates with all major real estate technologies, working natively with leading loan origination, point of sale, title production, eNote and remote online notary solutions.
“Closings require tight coordination between many parties in a fragmented ecosystem, all of whom have their own systems and processes,” said Aaron King, founder and CEO of Snapdocs. “Snapdocs is in the background doing the hard work of connecting the ecosystem to orchestrate the perfect close.”
On a monthly basis, Snapdocs reported its platform touches nearly 20% of all U.S. real estate transactions, representing over $60 billion in mortgage value. Snapdocs has been building the connected platform for closings since its inception in 2013. During the COVID-19 pandemic, lenders using Snapdocs easily overcame the inability to close mortgages in a traditional face-to-face setting. Digitizing the closing process has now become a standard practice for lenders seeking to improve borrower experience and gain internal process efficiency.
“We’re excited by the level of innovation from Snapdocs in this emerging Closings category,” said John Curtius, Partner at Tiger Global. “Snapdocs’ approach to this industry’s challenges illustrates a deep understanding of its customers, which is a hallmark of enduring companies.”
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