Point-of-sale mortgage company cloudvirga has raised $15m in a Series B round.
The funding for the Irvine, California-based startup comes from Blackstone Group portfolio company Incenter.
Cloudvirga’s core product is its cloud-based intelligent mortgage platform (iMP) designed to automate the initial disclosures process to offer mortgages more quickly for borrowers and lenders.
The point-of-sale system reduces the cost for lenders by moving traditional back-office tasks to the front of the loan process.
The new capital will be used to support cloudvirga as it scales its technology and expands its product offerings.
Company co-founder Kyle Kamrooz said: “Unprecedented mortgage regulation has exacerbated an already labour-intensive lending process and inconsistent consumer experience, making our solution more viable than ever.
“We are thrilled to have the support of such a well-respected group of investors and look forward to continuing to shake up an antiquated industry process.”
Launched in 2016 cloudvirga has since partnered with several mega and mid-tier lenders and claims to have processed more than $15bn in loans.
The company previously raised a $7.5m Series A round in July led by Dallas Capital Management.
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