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Boston-based Fintech platform, Stavvy, announces over $40 million in Series A financing, which will be used to expand the company’s hiring initiative and accelerate growth in paperless banking and lending, according to a press release. Currently, there is explosive demand for digital solutions, especially in loan servicing. This is a critical solution for assisting Americans under financial duress due to the COVID-19 pandemic.
The funding round was led by Morningside technology Ventures, based in Cambridge and Hong Kong. It is the largest Series A funding initiative in New England FinTech, LegalTech and PropTech history. Part of which will be used to hire several new team members, including Shane Hartzler who recently joined Stavvy as chief strategy officer.
"When we launched Stavvy in late 2019, we had no idea what was in store for the world in 2020. We’re proud of the technology we’ve developed to help homeowners and buyers in this challenging time, and grateful for this opportunity to amplify our services and impact," said Stavvy co-founder, Josh Feinblum. "We look forward to our continued innovation and growth."
Stavvy also announces its partnership with Flagstar Bank to provide remote loan modification. Flagstar Bank is the sixth-largest bank mortgage originator in the country.
The alliance between Flagstar bank and Series A funding follows several major announcements, including Stavvy’s integration with ICE Mortgage Digital Lending Platform, their MISMO Certified Remote Online Notarization, and its new eSign and hybrid transaction tools.
"We are confident in Stavvy’s ability to change the lending and banking experience for both institutions and consumers," said Gerald Chan of Morningside Technology Ventures.
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