Snapdocs raised $1.5 million in Series D funding. The investment will fund the digital infrastructure that connects lenders, settlement service, and borrowers for an efficient digital closing, according to a press release. Snapdocs’ total funding now sits at $260 million, upping the company's valuation to more than $1.5 billion.
Aaron King, founder and CEO of Snapdocs, said, “Closings require tight coordination between many parties in a fragmented ecosystem, all of whom have their own systems and processes. Snapdocs is in the background doing the hard work of connecting the ecosystem to orchestrate the perfect close.”
Since Snapdoc raised $60 million in Series C funding 7 months ago, they have continued to display significant growth. Snapdocs customers are currently on pace to close millions of mortgage transactions in 2021. Snapdocs also now touches nearly 20% of all US real estate transactions, representing over $60B in mortgage value.
Since its inception in 2013, Snapdocs has been building a digital mortgage closing solution. Because of the COVID pandemic, industry fragmentations and inefficiencies were made obvious. Now the digital closing process has now become a standard practice for lenders to better connect with borrowers and improve efficiency.
“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,” added King.
Tiger Global led the Series D funding round along with participation from Sequoia, Y Combinator, F-Prime, Maverick, Alkeon, and Wellington Management.
Click here to read more about Snapdocs' latest round of funding.
