Roostify, provider of a Web and mobile platform designed to help speed homebuyers, real estate agents and lenders to the closing table, announced that it has closed a Series A round of financing.
The financing round was led by a subsidiary of USAA, a financial services provider to the U.S. military and their families, and also included investments from two tier-one banks and Colchis Capital.
Roostify did not disclose the amount of the financing or any further details about the investors.
Launched in 2014 by three technology developers who were frustrated by their homebuying experiences, Roostify says its platform allows consumers to create a verified loan package and collaborate with loan officers and other parties involved in the homebuying process, including real estate agents.
The San Francisco-based company’s technology can pull in a borrower’s LinkedIn data and tax filings, and it claims to allow borrowers to cut the timeline of the typical loan application process in half.
Rajesh Bhat, the company’s CEO, said the financing round will allow the company to expand its technology and add more lenders and other stakeholders to the platform. Roostify’s partners include Fannie Mae, Ellie Mae, Velocify, Yodlee and National Bank of Kansas City.
“The mortgage application process, which is long and arduous, needs revamping from both the consumer perspective as well as lenders,” said Rajesh Bhat, CEO of Roostify.
“Our solution brings a user-friendliness to the process that benefits lenders and applicants by streamlining the process and cutting the time to close loans and lessens errors in the applications.”