The funding helps the company’s valuation hit the $1.5B mark. Here are the top-line bullets you need to know.
Snapdocs, a digital mortgage closing platform, has raised $150M in a Series D with participation from Tiger Global Management, Sequoia Capital, and Y Combinator, among others.
How’s the company performing?
- California-based Snapdocs connects a network of lenders, borrowers, notaries, and settlement agents to enable digital mortgage closing.
- The company enables nearly 20% of digital real estate transactions in the US worth over $60B in mortgage value.
- Snapdocs states approximately 130,000 daily users on its platform and saw its employee count double in the last year.
- Its customers include more than 4,300 companies such as Evergreen Home Loans, Waterstone Mortgage, and Assurance Financial. The company is an approved Eclose vendor for Fannie Mae, Freddie Mac, and Ellie Mae.
Why does the market matter?
- The global digital lending platform market is expected to grow at a CAGR of 16.7% and reach a value of $20.3B by 2027, according to Allied Market Research.
- The industry is being driven by organizational efforts to streamline operations, reduce operating costs, and provide a more customized and enhanced service to consumers.