LenderClose, a digital lending platform, has closed its Series B round on an eight-figure sum.
The size of the investment was not disclosed, but the funds were supplied by Financial Plus Credit Union, Ascentra Credit Union, Collins Community Credit Union and Serve Credit Union.
Based in US, the FinTech claims it can improve the speed and efficiency of lending through its lending technology. Its technology can handle an array of processes, including credit reports, valuation, flood determinations, title products, loan documents, portfolio monitoring and more.
It recently launched a remote online notarisation service, which enables digital notarisation of documents through audio and visual technology.
LenderClose claims to have witnessed strong growth over the past 12 months, having doubled its user base year-over-year. Its services are used by more than 200 credit unions and community banks.
Financial Plus Credit Union CEO Dave Cale said, “There have been few moments in time more profound than the one our industry is experiencing right now.
“We have a choice. We can lay low and wait for the pandemic and its economic consequences to subside. Or, we can mobilize everything that’s good about community financial services and ignite that spirit to effect change. At Financial Plus Credit Union, we are making the strategic decision to lean into the initiatives that will help us take care of our members for the long term. Investing in and engaging with fintech partners like LenderClose is one of several ways we plan to continue offering our members exceptional service.”
LenderClose CEO Omar Jordan said, “Our vision for using technology to keep lending local is striking a chord within the community lender ecosystem.
“Especially now, as credit unions and community banks can so acutely feel the need for their human-centric services, they are compelled to provide fast, efficient, superior answers to their neighbours’ biggest problems and opportunities. Our platform gives them exactly that – a simple, elegant way to serve more members, better and faster.”
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