Brace scores $15.7m in its Series B round led by Canvas Ventures

Digital mortgage-servicing platform Brace has secured a further $15.7m in Series B funding, which was led by Canvas Ventures.

The round also received contributions from Point72 Ventures and Crosslink Capital.

With this equity, the company hopes to expand its team, broaden its suite of services and bolster future product initiatives.

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, “We’re thrilled to add Canvas Ventures to the Brace family and to see such strong support from our existing investors. Canvas Ventures general partner Rebecca Lynn brings more than 20 years of fintech operating and investing experience and we look forward to partnering with her on our path to defining a market-leading servicing platform.

“This year has been transformative for Brace and we look forward to working with our clients to power the future of servicing for years to come.”

Brace previously raised $10m in its Series A round last year. Backers to the round included Point72 Ventures and Crosslink Capital.

Funds were raised to help Brace expand its platform with new technology and increase its client base.

The FinTech has raised a total of $30m in funding.

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