Loan origination software developer defi SOLUTIONS has picked up $55m in its Series C round from Bain Capital Ventures.
Founded in 2012, the company offers banks, finance companies, credit unions, and solar providers with an online loan origination system which is fully configurable by lenders. The platform gives tools to allow businesses to get regular updates, system enhancements and integrations.
Since its inceptions, the Texas-based company has received an over 70 per cent annual growth rate. Some of defi latest implementations to its platform include a loan management and servicing system, an analytics and reporting solution, a direct lending application, digital loan document service with e-signatures, and an online auto loan portfolio marketplace.
This investment was made of primary and secondary capital. The primary equity will be used to support defi to boost the development of its existing and new products. Funds will also be used to expand its resources and increase its staff numbers by around 50 per cent.
Bain Capital Ventures senior principal Brian Goldsmith said, ?defi delivers competitive advantages that enable forward-thinking lenders to own their processes and exceed their business objectives through one holistic platform. Our team is thrilled to support defi SOLUTIONS growth trajectory in a space that is primed to expand and remain competitive with the increased use of new technology.p>
Late last year, Bain Capital led the $43m Series C investment in to mobile payments platform Passport. The company hopes to use the equity to increase its global reach and its innovation.
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