Snapdocs, which helps “transform” the homebuying process, has bagged $25m in Series B funding.
The capital injection was led by F-Prime Capital, with commitments also coming from previous backers Sequoia Capital, Freestyle Capital and Founders Fund.
Following the close of the round, the company will develop its AI capabilities.
SnapDocs has also revealed it has opened a new office in Colorado to help support the rapid growth of its user base and better serve customers nationwide.
Founded in 2013, the FinTech aims to modernize, streamline and improve the mortgage process for lenders, borrowers and settlement. Its technology automates manual work for mortgage professionals and digitizes paper processes.
The startup claims to power over 10% of the total US residential mortgage transactions, which amounts to around $150bn annually.
In conjunction with the deal, F-Prime Capital managing partner David Jegen will join the SnapDocs’ board of directors.
Jegen said, “Residential mortgage is a $2 trillion industry and one of the largest sectors yet to be digitized.
“The entire closing process is cumbersome and in need of a better workflow for collaboration, coordination and transparency. Snapdocs has built the leading vertical SaaS solution to this problem and is well-positioned to become the industry’s platform for digital mortgage closings.”
F-Prime led the venture capital round of subscription billing platform Recurly.
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