Skip to main content

Cloudvirga Raises $50 Million in Latest Round of Funding

May 17, 2018
CIS has announced their credit reports are now integrated on CloudVirga’s digital mortgage platform

Cloudvirga has announced the closing of a $50-million Series C funding round led by private-equity firm Riverwood Capital with ongoing participation from Upfront Ventures. The new funding will support Cloudvirga’s mission to help lenders reduce record-high loan production costs via automation and empower borrowers with greater transparency and engagement in the mortgage transaction.
 
“We believe the material opportunity in the $1.6 trillion U.S. mortgage market lies in digitizing and automating not just the loan application, but the mortgage factory,” said Cloudvirga Chief Executive Officer Michael Schreck. “Our industry’s current ‘shiny object syndrome’ has resulted in a preoccupation with the digital application. Instead, Cloudvirga’s technology uniquely tackles the mortgage cost problem, which has helped us garner tremendous interest from many of the country’s top private-equity funds.”
 
Cloudvirga had previously raised over $27 million, including a nearly $20 million Series B led by Blackstone Group portfolio company Incenter and a $7.5 million Series A led by Upfront Ventures, Tribeca Angels and Dallas Capital. Cloudvirga’s total investment support now exceeds $77 million.
 
“Ultimately, we found our ideal capital partner in Riverwood Capital, whose unique experience supporting rapidly growing fintech firms from both Silicon Valley and New York is a perfect fit for Cloudvirga,” said Schreck. “We are also grateful for Upfront Ventures’ ongoing confidence in our company.”

 
About the author
Published
May 17, 2018
More from
Tech
Wire Fraud Losses Are Mounting

First-time homebuyers are especially at risk for wire fraud, report finds.

Feb 13, 2025
AI Muscles Into Homebuying

1 in 3 buyers now rely on AI during the mortgage process, survey finds.

Feb 13, 2025
Mr. Cooper Bets Big on AI, Expands Tech for Better CX

After Flagstar onboarding last year, Mr. Cooper reports 4Q net income of $204M

Feb 12, 2025
TidalWave Blends AI & DEI To Support Hispanic Homebuyers

51% of Hispanic homebuyers face added costs to hire professional translators

Jan 28, 2025
Rocket Launches All-In-One Platform Rocket.com For Buyers and Owners

Consumers can search, purchase, and manage their home financing with the help of Agent AI

Jan 22, 2025
Road To 2030 In Mortgage: ‘Velocity Of Decision-Making Is Moving Fast’

Borrowers could be qualified ‘in minutes,’ and large staffs made redundant by AI, mortgage exec says

Jan 16, 2025