Snapdocs raises $25M to expand AI as digital mortgage investment grows
In the latest example of a new wave of mortgage-related fintech investment, Snapdocs will boost its artificial-intelligence capabilities with a new $25 million funding round.
Fidelity Investments' F-prime led the Series B funding. Two previous investors in the digital closing firm, Founders Fund and Sequoia Capital, also participated.
Other mortgage fintechs receiving new funding recently include Roostify, which last month announced a new investment from Santander Innoventures. The amount was not disclosed.
"The company has seen impressive growth since we originally invested in them last year, and the European lending market is ripe for the type of machine learning tools that Roostify offers," Manuel Silva Martinez, Santander Innoventures' partner and head of investments, said in a press release. The funding will help support Roostify’s multinational and product expansion, he said.
Colchis Capital, one of Roostify's investors, also was involved in a $60 million Series C funding round at real-estate-backed loan investment platform PeerStreet in October. The fintech earmarked the money for hiring and the scaling of its platform.
And Second Century Ventures in October made an investment in Home Captain, a fintech that looks to increase mortgage-lead conversion rates by pairing prequalified homebuyers with real estate agents. The amount was not disclosed.
"This financing provides Home Captain with additional working capital to accelerate our commercialization efforts and refinement of our AI toolset that builds a more qualified pipeline for Realtors and lenders," Home Capital CEO Grant Moon said in a press release.
Other digital mortgage technology companies that received new investment in the past six months include Better.com, which closed a $160 million Series C funding round in August, and Blend, which raised $130 million in Series E financing for an expansion in June.