Digital mortgage firm Qualia gets new round of funding
Mortgage settlement software provider Qualia is getting a new $33 million round of funding that it will use to expand into additional U.S. markets.
Menlo Ventures is leading the funding round. Starwood Capital Group executive Barry Sternlicht, 8VC and Bienville Capital also are participating in the Series B funding of the platform, which hosts loan closing workflows for mortgage lenders, real estate and title agents, homebuyers and home sellers.
The San Francisco-based company has been operating nationwide since late last year and lays claim to hosting 5% of U.S. real estate transactions and more than half of the top 100 mortgage lenders and real estate brokerages in the country.
Although the company has already expanded nationwide, there are still some gaps in terms of membership in local markets it wants to fill using the new funding.
Real estate and mortgage company users of the platform include Citi, loanDepot, Keller Williams, and Berkshire Hathaway Home Services. The company's technology also is integrated with Ellie Mae's Encompass loan origination system, which is widely used in the mortgage industry.
CEO Nate Baker, who previously founded a machine learning and data analytics company, originally started the company with Chief Technology Officers Lucas Hansen and Joel Gottsegen. Hansen and Gottsegen, respectively, had backgrounds in machine learning and artificial intelligence. Gottsegen oversees vendor integrations with lenders and title companies.
Baker, Hansen and Gottsegen founded Qualia in 2015. In addition to its headquarters in San Francisco, it has an office in Austin, Texas, and more than 60 employees on its staff.