Digital Lending support company Roostify has secured $25m in its Series B funding round.
Cota Capital, Point72 Ventures, and Santander Innoventures made their first investments in to Roostify. Existing backers JPMorgan Chase, Colchis Capital, and a USAA subsidiary also participated in the round.
The cloud-based platform, which launched in 2014, speeds up and simplifies the mortgage process. Roostify offers an online application which helps to support the clients but also provides the business with streamlined workflow and key process automation.
Other services provided by the company include document management, decision processing automation, customer collaboration, and dynamic applications.
San Francisco-headquartered Roostify is used by enterprise banks and independent brokerages to support this mortgage experiences.
This equity injection will be used to support its growth plans which includes making additions to its product and expanding into new markets.
Cota Capital managing partner Bobby Yazdani said, “Roostify has evolved not only their own offering and product focus, but the market as a whole, helping the lending industry transform itself for the digital age.”
This investment comes after it was recently announced Roostify was integrating with LendingTree to enable consumers the ability to shop around for loans and purchase it with their preferred lender.
Roostify’s last investment was an undisclosed financing in 2015, and was led by USAA. Contributions also came from two Tier one banks and Colchis Capital.
Last year, Cota Capital made several investments to the FinTech sector. The firm led the $2m funding round in to revenue and billing management company Recvue, and participated in the rounds of personal finance platform Current and big data and machine learning application Bigstream.
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