SimpleNexus, a digital mortgage platform, has closed a growth capital round on $20m from Insight Venture Partners.
The company offers 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.
Offerings include a mortgage calculator, loan personalisation, analytics and reporting, advanced document scanning, borrower alerts and push notifications, and organisation tools to bring all credit reports and loan applications together.
Its mobile originator service lets loan officers view loan applications, pull and view credit reports, run live pricing scenarios, access a live CRM feed and send pre-approved letters.
The platform now has 15 of the top 25 retail mortgage lenders in the US using its services, according to the company. It has helped more than $100bn in transactions and over 450,000 borrowers have used the app.
Capital from the round will be used to support the growth and expansion of SimpleNexus.
SimpleNexus founder and CEO Matt Hansen said, “As we historically have been self-funded, we know that this new partnership with Insight Venture Partners will catalyse our growth, and provide our executive team with the additional resources to drive market expansion.”
This is the seventh deal made by Insight Venture Partners this year. Earlier in the week, the firm led the $200m investment into product development platform Jama Software. The company helps organisations to establish a Predictive Product Development process to mitigate risk and improve quality, identity opportunities.
Other deals made by Insight this year include contributions to document automation developer Conga’s $47m round, retail traders and investors social network TradingView’s $47m funding, and billing and subscription management app Chargebee’s $18m Series C.
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