Construction lending software Built has closed a $21m funding round led by Index Ventures.
Participation to the round also came from New York-based Nyca Partners.
Founded in 2014, the cloud-based company streamlines the collateral monitoring and draw processes present within construction loans. The platform provides lenders with data to make informed decisions on their loans. This technology helps to reduce loan risk, increase loan profitability and simplify compliance.
Since January 2016, the company has more than tripled its customer base, which includes banks, and non-bank lenders within the US. The platform has helped manage over $6.5bn in construction loan volume, since it launched.
This capital injection will be used to accelerate innovation for its residential and commercial construction lending platform. Capital will also be deployed to invest in to data utilisation. Built is looking to further investment to integrations and partnerships with technology systems and leading industry service providers.
Nyca Partners managing partner Hans Morris said, “I think the best enterprise software ideas help a business solve a nettlesome problem, but as a result help a whole ecosystem solve a larger problem.
“Built saves a developer time and gets them their funding faster, but it also significantly reduces the cost and risk to a lender responsible for monitoring the project.”
This funding round brings total capital raised by the company to $25m.
Index Ventures has made a lot of recent investments into the FinTech space, with earlier this week the firm supplying capital to AI software company Behavox. Other recent deals include cybersecurity solution Duo Security’s $70m Series D, and insurance support company CoverWallet’s $18.5m Series B.
Last year the global marketplace lending sector saw the most capital being supplied to SME finance-focused companies. This was closely followed by Online loan suppliers, with the sub-sector only seeing $54m less equity.
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