Boston-based electronic payments provider for residential real estate transactions DepositLink closed a $3.5m seed financing round by angel investors.
The FinTech intends to use the funds to bolster its sales team, develop its technology and boost infrastructure to further accelerate marketplace adoption.
The real estate market has been begging for an electronic payments solution that focuses on the needs of brokers, real estate agents and consumers and that’s what DepositLink aims to address, it said.
With DepositLink, real estate and title companies can collect money deposits, send and request commission payments, issue refunds and request rental deposits electronically. Payments made on DepositLink’s platform guarantees funds through in less than one business day.
Launched in October 2019, the firm has an active footprint in all 50 US states.
Commenting on the round, DepositLink CEO and founder Jay Rooney said, “We set out to build the most secure and robust payments platform for the residential real estate business and the response has been incredible.
“This capital raise will allow us to increase capacity to manage our growth and continue to develop features that are making real estate companies and title companies more efficient and more profitable.”
Some of DepositLink’s clients include Berkshire Hathaway Home Services, Better Homes and Garden Real Estate, Century 21 Real Estate, Compass, Douglas Elliman, ERA, Home Services of America, HomeSmart, Keller Williams, RE/MAX and Sotheby’s International Realty.
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