Digital Closings Are Here to Stay: Snapdocs Raises $60 Million to Scale Mortgage Platform Connecting 130,000+ Real Estate Professionals
The pandemic has accelerated the mortgage industry’s digital transformation by many years. It is clear that digital closings are here to stay. Now with home sales surging, and interest rates near all-time lows, leading digital mortgage platform company Snapdocs announced $60 million in new funding. This Series C comes less than 12 months after raising $25 million and serves as a massive endorsement of its vision and work to simplify the mortgage closing process online. YC Continuity led the round, with participation from all existing investors, including Sequoia Capital, F-Prime Capital and Founders Fund, as well as new investors Lachy Groom and DocuSign. Snapdocs will use the funds to build on recent momentum, drive product innovation and scale operations, and as part of the deal, Anu Hariharan of YC Continuity will join the board of directors.
“I’ve known the Snapdocs team for many years and have always been amazed by their focus and execution toward bringing each stakeholder in the mortgage process online,” said Anu Hariharan, partner at YC Continuity. “In 2013, Snapdocs began as a notary marketplace before expanding horizontally to service title companies and, more recently, lenders. By connecting the numerous parties involved in a mortgage on a single platform, Snapdocs is quickly becoming the “operating system” for mortgage closings. Mortgages, much like commerce, will shift online, bringing improved efficiency and a far better customer experience to the outdated home-closing process.”
Snapdocs offers a cloud-based suite of products that connect all constituents involved in a mortgage closing to simplify the process across all types of closings. It is the most comprehensive solution available, allowing lenders, settlement agents, title companies, borrowers, notaries, and more to come together online to close more deals at lower cost. Snapdocs’ products include the industry’s largest real estate notary network, a signing and scheduling solution for title and escrow companies, and a digital closing platform for mortgage lenders and their settlement partners.