Digital mortgage platform SimpleNexus has secured $108m in its Series B round, which was led by private equity firm Insight Partners.
Insight Partners is an existing investor of SimpleNexus, having previously invested $20m into the PropTech company back in 2018.
Founded in 2011, SimpleNexus has created a mobile app that connects mortgage lenders, borrowers and real estate agents. Its aim is to help all parties easily exchange data and documents across the mortgage loan lifecycle.
With the fresh batch of capital, the company hopes to continue its growth trajectory and deepen its position in the mortgage space.
SimpleNexus president Cathleen Schreiner Gates “With the support of Insight Partners, we will build on the momentum we received from bringing to market the best eClosing experience lenders and consumers have ever seen. Our vision is to hone the entire home buying journey from the borrower’s first contact with a Realtor to the closing table and beyond.”
The FinTech claims to play a role in 13% of all home loans originated in the US. It serves a base of over 29,000 loan originators, 123,000 real estate agents and more than three million borrowers. Since it launched, the platform has handled over 13 million loans totalling $3trn.
Insight Partners managing director Jeff Lieberman said, “CEO Matt Hansen and the SimpleNexus team are executing at a remarkable pace on their long-term vision of streamlining the path to homeownership.
“The SimpleNexus platform continues to strengthen, addressing key industry pain points while preserving lender flexibility, efficiency and simplicity. We are thrilled to support the company’s continued growth and excited by the partnerships they are creating to deliver a seamless homeownership journey.”
Late last year, the company announced a collaboration with Progressive to help borrowers secure a home insurance policy in the same app used to take out loans
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