The pandemic has accelerated the mortgage industry’s digital transformation by many years. Now with home sales surging, and interest rates near all-time lows, digital mortgage platform company Snapdocs today announced $60 million in new funding. This Series C comes less than 12 months after raising $25 million. 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much like commerce, will shift online, bringing improved efficiency and a far better customer experience to the outdated home-closing process.”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 allows 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.
Snapdocs’ network of real estate professionals provides the foundation for its AI-enabled digital closing platform. With all closing partners, documents and related data within one cloud-based service, Snapcdocs can apply AI to quickly analyze these large swaths of information for insights into areas like compliance risks, team workflows and document errors.
The company recently released a number of new AI-enabled features. Snapdocs’ platform now automatically sorts and annotates entire closing packages for eSignature – including standard and custom lender documents, every title document, and all security instruments. The new funding will support continued product innovation across the platform.
“The pandemic has changed real estate forever. We’ve long talked about digital closings, but the incredible combination of global and market forces have compelled everyone to finally adopt digital solutions that solve the core problems in a closing: the fragmentation and inefficiency inherent in a process involving so many parties,” said Aaron King, founder and CEO of Snapdocs. “This record year and new capital will allow us to scale in all capacities and continue to serve our customers as they break new records and navigate these unprecedented times.”
