Connected Approach to Digital Mortgage Closings Accelerates Market Adoption
Snapdocs, a leading digital closing platform for the mortgage industry, announced that it has raised $150 million in Series D funding. The new round will accelerate Snapdocs’ 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 solution is comprehensive – a networked platform that allows the many participants in a mortgage closing to work together more efficiently and close more deals. Snapdocs’ technology uniquely 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, enabling them all to seamlessly interact at scale.
“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.”
In the seven months since it raised a $60 million Series C funding round, Snapdocs has continued its significant growth as evidenced by a number of measures:
- Total transaction volume on the platform is now measured in hundreds of thousands of closings per month, with Snapdocs customers on pace to close millions of mortgage transactions in 2021.
- On a monthly basis, Snapdocs now touches nearly 20% of all US real estate transactions, representing over $60B in mortgage value.
- Investments in innovation and customer outcomes have accelerated, as product, engineering and customer success staff increased by over 100% in the last year.
Snapdocs has been building the connected platform for mortgage closing since its inception in 2013. During the COVID-19 pandemic, the industry fragmentation and inefficiency inherent in the closing process was laid bare, but 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.
“High-quality technology components for digital closings like eSignature and webcams have all existed for decades, but Closings only emerged as a distinct category when all the disparate parties could be connected,” said King. “Snapdocs is the connective tissue between dozens of different participants, tools and processes involved in mortgage closings, and that connection is what allows lenders to realize the benefits of digital closings at scale.”
“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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