Brace, a digital mortgage-service platform, has secured $10m in its Series A which will help it launch new software services for the lending space.
Point72 Ventures led the round, with additional contributions also coming from previous Brace backers including Crosslink Capital.
With the round behind it, Brace will look to expand its platform with new software-as-a-service technology which will impact other segments of mortgage servicing. Additionally, the company hopes to increase its client base.
Brace has established a digital platform for mortgage servicing that improves customer experiences while lowering costs, it claims.
Powered by AI technology, Brace improves communication and transparency among homeowners, services and investors as well as automating workflows to improve decision making.
Brace CEO Eric Rachmel said, ?Right now, servicers are forced to use decades-old technology to manage millions of US mortgages??a problem that gets much worse for servicers who manage borrowers that are non-performing.
?We take a different approach that is focused on modernizing the servicing process with software modules and services for mortgage servicing infrastructure, instead of the one-size-fits-all servicing system that often misses important nuances.p>
With the latest investment, the company has raised a total of $15m in under two years.
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